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§ 24.Capital profits for example from the sale of shares, business interests, firms, etc. are not normally liable to taxes.
§ 25.Assets situated in the Principality of Sealand are liable to property tax and death duty. There are not imposed any property taxes or death duties at the moment. Nevertheless the State is entitled to impose those taxes, subject to announcement two years in advance.
§ 26.The State is entitled to make administrative regulations subject to ratification by the Sovereign.
§ 27.This law comes into force the day this document is signed by the Sovereign.
17th May 1976, Roy of Sealand
Law concerning the State Bank of the Principality of Sealand
With reference to paragraph 20 of the Constitution, the following law is published on October 1st, 1975, for the State Bank of Sealand:
§ 1.The State Bank shall bear the designation “State Bank of the Principality of Sealand”
§ 2.The State Bank is a direct legal person of the Principality of Sealand and has its domicile in Sealand with the right to operate branches and appoint agents in any part of the world.
§ 3.The State Bank, with the help of powers concerning Currency policy which are vested in the State Bank by law, shall regulate the money circulation and the credit supply of the Principality with the aim of safeguarding the currency and shall also look after the banking side of payment transactions at home and abroad.
§ 4.The State Bank shall be managed by the President of the State Bank. He is responsible for executing decrees issued by the State Council on the subject of money and currency.
§ 4.1.The President of the State Bank shall be appointed by the Sovereign.
§ 4.2.The President of the State Bank must have special professional qualifications and be approved by the Privy Council from time to time.
§ 4.3.The President of the State Bank has the right to carry out
§ 4.4.Foreign exchange transactions and business abroad.
§ 4.5.Dealings on the open market.
§ 4.6.Looking after central duties for safeguarding the currency and issue of banknotes.
§ 4.7.Deposit and investment.
§ 5.The President of the State Bank must inform and advise the Sovereign and the State Council in matters of importance with regard to currency policy.
§ 6.The State Bank has the exclusive right to issue banknotes. These notes are made out in Sealand Dollars and are the only unrestricted paper legal tender. The smallest banknote is for fifty Sealand Dollars. The State Bank may withdraw banknotes from circulation. The State Bank is not obliged to replace notes which have become lost, destroyed, forged, counterfeit or invalid.
§ 7.The State Bank shall fix the interest rates and, when the case arises, discount rates to be used in each case for its transactions for the purpose of controlling money circulation and borrowing and shall define the principles for its credit business and open market operations.
§ 8.
Banks domiciled in Sealand and wishing to conduct business need the authorization of the State Bank. When granting this permit, the State Bank may impose restrictions. Observance of these restrictions shall be controlled by the State Bank or by an