An Bill to establish a wholly government‑owned corporate body for the ownership, management, and development of assets for the public benefit; to confer upon it commercial powers; to regulate its governance; and for matters connected therewith.

Section 1 — Short Title

This Act may be cited as the Markonian Crown Holdings and Public Enterprise Act.

Section 2 — Interpretation

In this Act, unless the context otherwise requires:

• “Corporation” means the Markonian Crown Holdings Corporation established under Section 3.
• “Prince” means the Sovereign of Markonia.
• “Minister” means the Minister responsible for finance, commerce, or such other portfolio as the Prince may direct.
• “Executive Officer” means any person appointed under Section 7.
• “Public benefit” includes economic, social, cultural, and strategic interests of the Principality.
• “Regulations” means regulations made under this Act.

Section 3 — Establishment of the Corporation
 

1. There is hereby established a body corporate to be known as the Markonian Crown Holdings Corporation.

2. The Corporation shall be wholly owned by the Crown in right of the Principality of Markonia.

3. The Corporation shall have perpetual succession and a common seal.

Section 4 — Purpose of the Corporation
 

The purposes of the Corporation are to:

a. acquire, hold, manage, and develop assets for the public benefit;

b. undertake commercial operations within and outside Markonia;

c. support national strategic interests as directed by the Prince;

d. generate revenue for the Principality;

e. perform such other functions as may be assigned by law.

Section 5 — General Powers

1. The Corporation may, subject to this Act:

a. acquire, lease, or dispose of property;
b. establish subsidiaries or joint ventures;
c. enter into contracts and commercial arrangements;
d. borrow or lend funds with the approval of the Minister;
e. engage in any lawful business activity.

2. The Corporation shall exercise its powers in a manner consistent with the public benefit.

Section 6 — Crown Ownership
 

1. All shares or equivalent ownership interests in the Corporation shall be held in the name of the Prince on behalf of the Principality.

2. No shares or ownership interests may be sold, transferred, pledged, or otherwise disposed of.

Section 7 — Executive Officers

The Corporation shall have the following executive posts:

a. Chief Executive Officer

b. Chief Financial Officer

c. such other officers as the Prince, in consultation with the Chief Executive, may determine

Section 8 — Appointment and Tenure

1. All Executive Officers shall be appointed by the Prince.

2. The Prince may remove or replace any Executive Officer at any time.

Section 9 — Oversight
 

1. The Chief Executive shall report annually to the Cabinet on the performance of the Corporation.

2. The report shall include financial statements, operational performance, and strategic outcomes.

Section 10 — Funding and Revenue

1. The Corporation may receive appropriations from the Treasury.

2. No less than ten percent of the annual revenue of the Corporation shall be paid to the Treasury.

3. All accounts shall be audited annually in accordance with regulations.

Section 11 — Seal and Authentication

1. The Corporation shall have a common seal.

2. The Chief Executive will authorise those Officers to use the Seal.

3. Documents executed under the seal shall be deemed duly authenticated.

Section 12 — Commencement

This Act shall come into force on the date proclaimed by the Prince.