ROSEWOOD – The Company and Colony Nationalization Act was approved by Parliament Tuesday, resulting in public ownership of all existing companies and returning Creekbed to the public as well.
The primary function of the act was to place pharmaceutical company Apotheker, huckleberry producer Rosewood Fruits, and the Bank of Rosewood under national ownership and the management of the Minister for the Economy. The Economy Ministry is mandated to operate the businesses for the “public good,” in the wording of the bill.
The Theodorist Party instigated the Nationalization Act as the first step towards the implementation of its socialist policies. This is a dramatic change from the economic policy of the past year, which has consisted mostly of facilitating private business alongside limited public works programs. The most notable public economic program to come about this year has been the payment of a public wage to workers completing projects benefiting the environment.
His Majesty the King described the nationalization of these companies as “an important bit of progress.”
Most of the bill’s remainder deals with Creekbed Colony, which has been owned for months by the king. The colony is once more public property, and its use is restricted to small-scale agriculture, scientific research, and any necessary defense activity. The act states that colonies “ought to exist for public benefit rather than private profit,” and gives the king no compensation for the seizure. His Majesty is reported to be satisfied with the law nonetheless.
The bill’s long title is “An Act to bring under public ownership several companies of major importance to Überstadti production and commerce, to revoke royal ownership of real property granted by decree, and for related purposes.” It was sponsored by Prince Aaron (Theodorist – Edmount), Prime Minister and sole Member of Parliament.