Joseon Companies Act of 2023

By the grace of God and the goodwill of the people of Joseon and the King, let it be enacted as follows:

 

1. General Provisions
   1. Pursuant to this Act, a corporate entity ("Company") may be established and registered within the jurisdiction of Joseon, with the purpose of constituting a holding Company or an Internet Company, which may possess either full or partial ownership of its subsidiary companies, as further delineated herein.
   2. A holding Company is defined as a Company that wholly or partially owns the shares of its subsidiary companies, while an Internet Company refers to a Company that operates and conducts its activities exclusively within cyberspace.
   3. All Companies registered under the jurisdiction of Joseon shall be deemed as public limited liability companies.
   4. Companies operating within Joseon must adhere to the regulations and provisions set forth in this Act, as well as any subsequent amendments or revisions enacted by the Joseon Government.
2. Formation and Registration
   1. The party or parties seeking to form and register a Company within Joseon shall submit Articles of Incorporation, which must minimally include the Company's name and the number of authorized shares, represented as tokens on the Joseon Blockchain with the Company's short-name as the token's listed name. Upon approval, the Company shall be granted the status of a corporate entity within Joseon.
   2. Companies registered in Joseon must maintain compliance with the provisions of this Act, as well as any other applicable laws and regulations enacted by the Joseon Government.
   3. All legal holders of shares ("Shareholders") must be denizens of Joseon.
   4. Registration and registry updates are subject to fees as determined by the Ministry of Commerce on an annual basis. Company registrations shall remain valid for one year following initial registration, with mandatory renewal on each yearly anniversary thereafter.
3. Corporate Governance and Operations
   1. Companies established under this Act shall be governed by their respective Bylaws, which must be unanimously agreed upon by all Shareholders.
   2. Companies shall be required to maintain accurate records and documentation of their activities, in compliance with the provisions of this Act and any other applicable laws and regulations.
   3. The Ministry of Commerce shall be responsible for the enforcement of this Act and shall have the authority to impose penalties for non-compliance as prescribed by law.
   4. Companies found in violation of this Act may be subject to fines, suspension or revocation of their registration, or other penalties as determined by the Ministry of Commerce.
   5. Shareholders, officers, or directors of a Company who knowingly and willfully violate the provisions of this Act may be held personally liable for any damages or losses resulting from such violations, in addition to any penalties imposed upon the Company.
4. Amendments and Revisions
   1. This Act may be amended, revised, or repealed by the enactment of subsequent legislation by the Joseon Government.
   2. All amendments or revisions to this Act shall be published and made available to the public in a timely manner to ensure compliance by Companies operating within Joseon.
5. Jurisdiction and Governing Law
   1. This Act and any disputes arising therefrom shall be governed by and construed in accordance with the laws of Joseon.
   2. Any disputes or claims arising out of or in connection with this Act, or the formation, existence, construction, performance, validity, or termination of a Company, shall be subject to the exclusive jurisdiction of the courts of Joseon.
6. Amendments
   1. This Act may be amended by the Council of Dignitaries, Elders, and Revisionists (CODERS) in accordance with the established legislative processes, and with the approval of the King.
   2. This Act shall come into force on the date of its enactment and shall apply to all Companies operating within Joseon from that date forward.