Articles: Page 3 of 4
Sint Maartens Zeevaarders Syndicaat
Article IV. Finances.
1. Commissions .
Each member shall pay a percentage of total proceeds from each mission/transaction completed, to be distributed as determined by vote or Officers' discretion to various Company Funds. This percentage shall be determined by Election and periodically reviewed by the Officers to ensure the financial health of both Company and Members. All Commissions paid are forfeit in perpetuity to the Company.
2. Funds.A. Insurance Fund. This Fund is maintained for replacement of ships and materiel lost to war, weather, or piracy. The Insurance Fund is capped at 25% the replacement cost of the current active Fleet or as otherwise set by Company Vote.
B. Stock Fund. 10% of all Commissions.
c. Operational Fund. All remaining Commissions paid in to the company in excess of that required to keep the Insurance Fund capped and pay into the Stock fund are designated for Upgrades and other operating expenses. Distribution of Upgrade Funds shall be determined by the Board.
3. Public Stocks and Bonds.
A. Stocks Stock shall be sold in 100 real notes, recorded in the company books and transferrable at the request of the owner. Each Share of stock shall pay a yearly dividend but allows no say in the management of the company. The amount of the divident shall be an equal share of the amount currently in the Stock fund based on the number of current shares of stock.
B. Bonds The company shall offer to the public bonds, which pay off in one year, are not transferrable and pay the current percentage rate of return.
C. The amount of Stock shall be offered for sale equal in value to the current funding level in the company insurance fund. In the future any other fixed assets that are owned by the Company and not a members property shall also be counted for number of shares that can be sold.
4. Petition for Payment.A. Use of Insurance Fund. All members of the Company may petition the leadership for payment of loses or damage. All Captains are encouraged to pay for their own damages but if the Captain is short of funds or the payment would bankrupt the Captain any situation may be petitioned. The Company Board may require a witness or sponsor to vouch for the expenses a Captain claims. Reimbursements are paid through direct meeting of the Directeur-Generaal and Claimant, or as otherwise determined by game mechanics.
B. Loans. A Captain may request the loan of money to pay for a bond on a cargo. The loan is due upon completion of the mission.
C. If the Board denies a request by a Member the Member can appeal to a vote of the general membership. The Captain should send a letter to all members with the reasons why the appeal is being made. The Directeur-Generaal should reply as to why the request was denied. All members shall then vote as normal. A majority vote of the membership shall overrule the Board's decision.