SOVEREIGN CATHOLIC INDIGENOUS AND PRIVATE STATE OF XARAGUA
SUPREME CONSTITUTIONAL AUTHORITY
OFFICE OF THE RECTOR-PRESIDENT
INDIGENOUS BANK OF XARAGUA — XARABANK
TREASURY AND FINANCIAL ADMINISTRATION
SUPREME CONSOLIDATED CONSTITUTIONAL CODE ON MONETARY ADMINISTRATION, VIAUD’OR, FINANCIAL INSTITUTIONS, PUBLIC CREDIT, INVESTMENT INSTRUMENTS, ENTERPRISE INCORPORATION, COMMERCIAL REGISTRATION, CONTRACTUAL JURISDICTION, FISCAL GOVERNANCE, FINANCIAL INTEGRITY, AND EXTERNAL ECONOMIC OPERATIONS
Original Dates of Promulgation: June 13, 2025, and July 16, 2025
Date of Consolidation: September 2, 2026
Official Classification: Supreme Financial Constitution — Monetary Administration Code — Viaud’or Regulation — Public-Credit Framework — Enterprise Incorporation Statute — Commercial Registration Code — Investment Administration Instrument — Contractual Jurisdiction Act — Indigenous Economic-Institutions Framework — Internal Fiscal and Financial Act
Issuing Authority: Office of the Rector-President
Supreme Constitutional Authority: Rector-President of Xaragua
Monetary and Banking Authority: Indigenous Bank of Xaragua — XaraBank
Central Financial Authority: Treasury and Financial Administration
Economic Registration Authority: Economic Initiatives Bureau or its duly constituted successor
Credit Authorities: Indigenous Credit Bureau, Indigenous Fund, XaraBank, and other duly constituted financial organs
Supervisory Authorities: competent financial-integrity, audit, anti-corruption, commercial-registration, data-protection, and adjudicative bodies of Xaragua
Internal Governing Law: Constitution of Xaragua, Indigenous customary law, this Code, monetary regulations, public-credit instruments, banking regulations, commercial legislation, contractual law, property law, canonical statutes incorporated into the internal order, and duly promulgated administrative instruments
External Interpretive References: United Nations Declaration on the Rights of Indigenous Peoples; International Covenant on Civil and Political Rights; International Covenant on Economic, Social and Cultural Rights; applicable principles of customary international law; applicable international commercial and contractual rules; applicable financial-integrity, consumer-protection, data-protection, taxation, sanctions, payments, securities, and anti-fraud requirements; Codex Iuris Canonici where canonically applicable; and valid agreements concluded with external institutions
Status: Permanent — Constitutionally Binding — Directly Applicable Within the Internal Juridical Order of Xaragua — Executable Through Competent Authorities and Specific Implementing Instruments
PREAMBLE
The Sovereign Catholic Indigenous and Private State of Xaragua hereby consolidates the constitutional, monetary, banking, fiscal, commercial, contractual, investment, registration, supervisory, and external-operational rules governing its internal economic order.
The economic order of Xaragua is founded upon Indigenous institutional autonomy, internal financial administration, territorial productivity, private initiative, customary solidarity, Catholic social orientation, contractual discipline, financial traceability, protection of essential assets, controlled external engagement, and progressive development of autonomous monetary and credit mechanisms.
The present Code establishes the legal status and administrative functions of Viaud’or; defines the respective competences of the Office of the Rector-President, XaraBank, the Treasury, the Indigenous Credit Bureau, the Indigenous Fund, and the economic-registration authorities; regulates the creation of enterprises; classifies authorized investment instruments; establishes the National Ledger of Financial and Commercial Instruments; and determines the conditions under which Xaraguayan persons and institutions may participate in external financial systems.
No institution, currency, enterprise, certificate, bond, investment contract, digital record, ecclesiastical property, or Indigenous economic designation shall be represented as possessing an external legal status not established by the applicable registration, contract, recognition, agreement, or law.
Internal constitutional validity, external contractual enforceability, canonical status, commercial registration, tax treatment, securities classification, legal-tender status, and institutional recognition constitute distinct juridical categories and shall be administered accordingly.
TITLE I — GENERAL PRINCIPLES
Article 1 — Purpose
This Code establishes the supreme internal framework applicable to:
a. monetary administration;
b. Viaud’or;
c. institutional banking;
d. public credit;
e. Indigenous credit;
f. investment instruments;
g. commercial incorporation;
h. enterprise registration;
i. internal taxation and contributions;
j. financial records;
k. contractual jurisdiction;
l. investor and participant protection;
m. financial integrity;
n. external economic operations;
o. digital financial infrastructure;
p. administrative enforcement.
Article 2 — Economic Sovereignty
Within its internal constitutional order, Xaragua reserves the authority to establish and administer its own:
a. economic institutions;
b. internal unit of account;
c. payment instruments;
d. credit mechanisms;
e. public-development instruments;
f. enterprise categories;
g. commercial registers;
h. contractual procedures;
i. internal contributions and fees;
j. investment programs;
k. financial records;
l. institutional development priorities.
Article 3 — Institutional Character
The establishment of an internal monetary or commercial institution shall create the juridical effects assigned to it by Xaraguayan law.
External legal effects shall depend upon the applicable contract, payment network, banking relationship, commercial registry, external jurisdiction, securities rule, tax law, or recognition procedure.
Article 4 — Operational Principles
Financial administration shall be governed by:
a. separation of functions;
b. documentary traceability;
c. identification of competent authority;
d. protection of institutional assets;
e. verification of participants;
f. authorization of transactions;
g. prevention of fraud and diversion;
h. proportional control;
i. confidentiality;
j. auditability;
k. financial sustainability;
l. accurate public representation.
Article 5 — Separation of Functions
The following functions shall remain institutionally distinguishable:
a. monetary policy;
b. currency or unit-of-account issuance;
c. treasury administration;
d. credit approval;
e. investment authorization;
f. enterprise registration;
g. custody of funds;
h. accounting;
i. audit;
j. financial-integrity review;
k. dispute adjudication.
No officer shall approve, execute, record, audit, and finally adjudicate the same transaction without an authorized control mechanism.
TITLE II — COMPETENT FINANCIAL AUTHORITIES
Article 6 — Office of the Rector-President
The Office of the Rector-President shall exercise supreme constitutional authority over:
a. national financial doctrine;
b. designation of the monetary framework;
c. establishment of central financial institutions;
d. authorization of public-credit instruments;
e. approval of strategic investment programs;
f. appointment of principal financial authorities;
g. promulgation of monetary and fiscal regulations;
h. protection of strategic financial assets.
Article 7 — XaraBank
XaraBank constitutes the central Indigenous financial institution responsible, within its assigned competence, for:
a. Viaud’or administration;
b. institutional accounts;
c. payment records;
d. authorized exchange operations;
e. financial identification;
f. monetary statistics;
g. reserve administration;
h. transaction security;
i. approved investment custody;
j. coordination with external payment and banking providers.
Article 8 — Treasury and Financial Administration
The Treasury shall:
a. receive institutional revenues;
b. administer appropriated funds;
c. maintain treasury accounts;
d. execute authorized payments;
e. prepare financial statements;
f. maintain the register of public obligations;
g. supervise institutional cash management;
h. monitor restricted funds;
i. preserve evidence of financial commitments;
j. report to the Office of the Rector-President.
Article 9 — Indigenous Credit Bureau
The Indigenous Credit Bureau shall administer approved credit programs relating to:
a. housing;
b. microenterprises;
c. small and medium-sized enterprises;
d. agricultural production;
e. essential equipment;
f. education;
g. community infrastructure;
h. emergency recovery;
i. other authorized productive or social purposes.
Article 10 — Indigenous Fund
The Indigenous Fund shall receive and administer designated contributions, donations, grants, repayments, endowments, program revenues, and other authorized resources assigned to collective development.
Article 11 — Economic Registration Authority
The Economic Initiatives Bureau or its successor shall maintain the commercial-registration system, classify economic actors, receive incorporation documents, coordinate sectoral authorization, and preserve enterprise records.
Article 12 — Financial-Integrity Authority
A competent financial-integrity authority shall verify:
a. identity;
b. beneficial ownership;
c. source and intended use of funds;
d. conflicts of interest;
e. prohibited transactions;
f. fraud indicators;
g. unauthorized fundraising;
h. misuse of institutional identity;
i. compliance with contractual restrictions;
j. required corrective measures.
TITLE III — VIAUD’OR
Article 13 — Legal Status
Viaud’or is established as the official internal monetary unit and principal unit of account of Xaragua.
It may be used as:
a. an accounting denomination;
b. an internal payment instrument;
c. a contractual unit of value;
d. a denomination for authorized public-credit instruments;
e. a measure of institutional obligations;
f. a settlement instrument within approved closed systems.
Article 14 — Internal Legal-Tender Function
Within the internal institutional order, Viaud’or shall constitute the preferred tender for obligations expressly denominated in Viaud’or.
No provision shall require an external person, financial institution, payment provider, court, or jurisdiction to accept Viaud’or unless acceptance arises from contract, applicable law, technical integration, or specific agreement.
Article 15 — Monetary Authority
The issuance, allocation, cancellation, conversion, accounting treatment, supply limits, technical administration, and authorized uses of Viaud’or shall be governed by XaraBank under regulations approved by the competent constitutional authority.
Article 16 — Issuance Register
Every issuance shall be recorded in a secure register identifying:
a. date;
b. quantity;
c. authorizing instrument;
d. receiving account or program;
e. purpose;
f. applicable restrictions;
g. responsible officers;
h. cancellation or maturity conditions where applicable.
Article 17 — Supply Discipline
Viaud’or shall not be issued without:
a. a competent authorization;
b. a defined institutional purpose;
c. an accounting entry;
d. an identified recipient or reserve account;
e. a record of the corresponding obligation, asset, allocation, or program basis;
f. compliance with applicable supply limits.
Article 18 — Monetary Applications
Viaud’or may be used for:
a. internal institutional compensation;
b. procurement;
c. interinstitutional transfers;
d. educational fees;
e. program contributions;
f. credit disbursements and repayments;
g. internal bonds and obligations;
h. registered commercial transactions;
i. other purposes authorized by regulation.
Article 19 — Other Currencies
Foreign fiat currencies, digital assets, payment tokens, stable-value instruments, and external payment systems may be used where necessary for:
a. external procurement;
b. travel;
c. remittances;
d. international services;
e. contractual settlement;
f. reserve diversification;
g. emergency operations;
h. external banking relationships.
Their use shall not confer internal monetary-policy authority upon the issuing institution.
Article 20 — Conversion
Any conversion between Viaud’or and another unit shall identify:
a. the applicable rate;
b. the rate-determination method;
c. fees;
d. settlement time;
e. liquidity source;
f. responsible institution;
g. transaction limits;
h. risk disclosure.
Article 21 — Reserve Structure
Reserves supporting Viaud’or operations may include:
a. cash and deposits;
b. receivables;
c. institutional property interests;
d. restricted endowments where legally available;
e. approved securities;
f. contractual revenues;
g. precious metals or commodities;
h. intellectual-property revenues;
i. other documented assets authorized by regulation.
An asset shall not be represented as reserve backing unless its ownership, valuation, availability, restrictions, and relationship to the monetary system have been documented.
Article 22 — Canonical Assets
Ecclesiastical property may support a Viaud’or-related arrangement only where:
a. the property is owned by a competent canonical juridical person;
b. the applicable canonical administrator has authority;
c. required canonical consent has been obtained;
d. donor and purpose restrictions permit the transaction;
e. the arrangement is separately documented;
f. no misleading representation of Church endorsement is made.
Viaud’or shall not automatically constitute bona ecclesiastica merely because it is administered by a Catholic-oriented state.
Article 23 — Prohibited Monetary Conduct
The following are prohibited:
a. unauthorized issuance;
b. duplication of balances;
c. manipulation of the ledger;
d. false representation of reserves;
e. undisclosed preferential allocation;
f. unauthorized conversion;
g. creation of counterfeit instruments;
h. use of Viaud’or to conceal diversion or fraud;
i. representation of guaranteed external convertibility without an established facility.
TITLE IV — DIGITAL FINANCIAL INFRASTRUCTURE
Article 24 — Official Ledger
XaraBank shall maintain an official ledger recording authorized Viaud’or balances and transactions.
The ledger may use centralized, distributed, cryptographic, database, or hybrid technology according to operational requirements.
Article 25 — Legal Effect of Technology
Blockchain registration, cryptographic verification, electronic signature, or automated execution shall constitute methods of authentication and administration.
Technology shall not independently establish:
a. contractual validity;
b. capacity;
c. ownership;
d. securities authorization;
e. tax exemption;
f. external jurisdiction;
g. irrevocability where applicable law permits cancellation or correction.
Article 26 — Access Control
Financial systems shall implement:
a. authenticated access;
b. role-based permissions;
c. transaction limits;
d. multi-factor verification where available;
e. audit logs;
f. backup procedures;
g. incident response;
h. credential-revocation mechanisms.
Article 27 — Data Administration
Financial information shall be classified as:
a. public;
b. administrative;
c. confidential;
d. personal;
e. commercial;
f. restricted;
g. strategic.
Disclosure shall occur according to participant authorization, institutional necessity, contractual duty, applicable law, or a competent order.
Article 28 — External Providers
Use of external banking, hosting, telecommunications, card, exchange, identity, or payment services shall be governed by written terms identifying:
a. the provider;
b. the service;
c. applicable law;
d. fees;
e. data treatment;
f. suspension powers;
g. reporting obligations;
h. dispute procedures;
i. termination and migration arrangements.
TITLE V — ENTERPRISE CATEGORIES
Article 29 — Recognized Economic Persons
Xaragua recognizes:
a. Individual Xaraguayan Enterprise;
b. Xaraguayan Private Company;
c. Indigenous Cooperative Enterprise;
d. Catholic or Charitable Nonprofit Institution;
e. Public or Institutional Enterprise;
f. Foreign Registered Participant;
g. Special-Purpose Development Entity;
h. other forms established by subsidiary legislation.
Article 30 — Individual Xaraguayan Enterprise
An Individual Xaraguayan Enterprise is an economic activity conducted by a natural person under a registered trade name or individual commercial identity.
The proprietor remains personally responsible for the obligations of the enterprise unless a separate limitation of liability is established by law and recorded in the register.
Article 31 — Xaraguayan Private Company
A Xaraguayan Private Company is a separate internal juridical person incorporated for lawful commercial activity.
Its constitutive instrument shall identify:
a. name;
b. registered office;
c. purpose;
d. founders;
e. beneficial owners;
f. capital structure;
g. directors or administrators;
h. signing authority;
i. liability provisions;
j. dissolution procedure.
Article 32 — Indigenous Cooperative Enterprise
An Indigenous Cooperative Enterprise is a member-based body organized for production, purchasing, distribution, housing, credit support, agriculture, fishing, transportation, or another collective economic purpose.
Its bylaws shall regulate membership, voting, contributions, distribution of surpluses, reserves, administration, conflicts of interest, withdrawal, and dissolution.
Article 33 — Catholic or Charitable Nonprofit Institution
A Catholic or Charitable Nonprofit Institution is established for religious, educational, health, humanitarian, cultural, or social purposes.
Its legal status shall identify whether it is:
a. an internal Xaraguayan nonprofit;
b. a civil nonprofit registered externally;
c. a private association of the faithful;
d. a public or private canonical juridical person;
e. another ecclesiastical or charitable structure.
No canonical personality shall be claimed without an act issued by the competent ecclesiastical authority.
Article 34 — Public or Institutional Enterprise
A Public or Institutional Enterprise is created by constitutional, ministerial, rectoral, or administrative instrument to perform an assigned economic or strategic function.
Its establishing instrument shall define its capital, mandate, governance, reporting, financial authority, and relationship with the Treasury.
Article 35 — Foreign Registered Participant
A foreign person or entity may be registered for a defined activity without becoming a Xaraguayan juridical person.
Registration shall specify:
a. external legal identity;
b. authorized activity;
c. representative;
d. duration;
e. reporting obligations;
f. applicable jurisdiction;
g. termination conditions.
Article 36 — Special-Purpose Development Entity
A Special-Purpose Development Entity may be constituted for a specified infrastructure, housing, energy, water, transportation, agricultural, digital, educational, or territorial-development project.
Its authority shall be limited to the project identified in its constitutive instrument.
TITLE VI — INCORPORATION AND REGISTRATION
Article 37 — Application
An application for incorporation or registration shall contain:
a. proposed name;
b. juridical category;
c. authorized purpose;
d. founders and administrators;
e. beneficial ownership;
f. registered address;
g. capital or initial resources;
h. governance instrument;
i. expected financial activity;
j. required sectoral authorizations;
k. declarations prescribed by regulation.
Article 38 — Name Control
A name shall not be approved where it:
a. duplicates an existing registered name;
b. falsely implies governmental, banking, diplomatic, ecclesiastical, university, or international status;
c. misrepresents professional authorization;
d. is materially deceptive;
e. violates a protected institutional designation.
Article 39 — Certificate of Legal Existence
Upon approval, the registration authority may issue a Certificate of Legal Existence identifying:
a. registered name;
b. registration number;
c. juridical category;
d. date of constitution;
e. authorized purpose;
f. current status;
g. verification method.
The Certificate establishes legal existence within the Xaraguayan order. Its treatment by an external jurisdiction shall depend upon the law and recognition procedures of that jurisdiction.
Article 40 — Financial Identifier
Each registered entity shall receive a Xaraguayan Financial Identifier for internal tax, treasury, payment, procurement, and reporting purposes.
The identifier shall not be represented as an external tax number unless recognized for that purpose by the relevant external authority.
Article 41 — Registered Emblem
An entity may register a commercial emblem, mark, or seal.
Registration within Xaragua establishes the rights assigned by internal law. External trademark protection shall require the applicable external, regional, or international registration.
Article 42 — Public Register
The Public Register of Economic Entities shall record:
a. name;
b. registration number;
c. juridical category;
d. status;
e. registered office;
f. authorized representatives;
g. principal activity;
h. date of constitution;
i. dissolution or suspension.
Protected information, including identity documents, confidential addresses, account information, and security records, shall not be published.
Article 43 — Sectoral Authorization
Incorporation shall not replace any separate authorization required for:
a. banking;
b. lending;
c. investment solicitation;
d. insurance;
e. health services;
f. professional practice;
g. transportation;
h. energy;
i. telecommunications;
j. food production;
k. construction;
l. extraction;
m. other regulated activities.
Article 44 — Continuing Obligations
Registered entities shall:
a. maintain current records;
b. preserve accounting documents;
c. identify beneficial ownership;
d. file required reports;
e. notify material changes;
f. comply with sectoral rules;
g. use their correct legal designation;
h. avoid unauthorized public fundraising.
TITLE VII — INTERNAL FISCAL ADMINISTRATION
Article 45 — Fiscal Competence
Xaragua may impose internal:
a. economic contributions;
b. registration fees;
c. service charges;
d. licence fees;
e. transaction charges;
f. territorial-use contributions;
g. customary contributions;
h. other obligations established by law.
Article 46 — Redevance Économique
Commercial enterprises may be subject to a Redevance Économique determined according to:
a. juridical category;
b. activity;
c. revenue;
d. program participation;
e. territorial use;
f. administrative cost;
g. applicable exemption.
Rates and procedures shall be established by a published or duly classified fiscal instrument.
Article 47 — Nonprofit Treatment
A nonprofit institution may receive an internal exemption where:
a. its purposes are non-distributive;
b. its earnings are not privately distributed;
c. its activities correspond to the approved purpose;
d. its records are maintained;
e. related-party transactions are controlled;
f. remaining assets are lawfully assigned upon dissolution.
Article 48 — External Taxation
Registration in Xaragua shall not automatically extinguish taxation, filing, withholding, reporting, or registration obligations arising under an external jurisdiction.
The competent authority may seek an exemption, treaty benefit, Indigenous accommodation, religious or charitable treatment, foreign recognition, or administrative determination where a sufficient legal basis exists.
Article 49 — Fiscal Confidentiality
Tax and contribution records shall be confidential, subject to:
a. internal audit;
b. authorized financial administration;
c. participant consent;
d. applicable reporting obligations;
e. a competent legal order;
f. prevention or investigation of fraud.
Confidentiality shall not be represented as immunity from every legally applicable disclosure requirement.
TITLE VIII — FINANCIAL INTEGRITY AND PARTICIPANT VERIFICATION
Article 50 — Verification
XaraBank and other financial institutions shall apply verification proportionate to:
a. the participant;
b. transaction value;
c. source of funds;
d. destination;
e. product;
f. geographic exposure;
g. fraud risk;
h. contractual obligations;
i. external-provider requirements.
Article 51 — Institutional Identification
Verification may require:
a. legal name;
b. date of birth or constitution;
c. address or territorial affiliation;
d. identity document where available;
e. citizenship or membership record;
f. beneficial ownership;
g. source of funds;
h. authorized signatories;
i. intended account activity.
Article 52 — External Compliance Systems
FATCA, CRS, anti-money-laundering rules, customer-identification requirements, sanctions controls, payment-network rules, and banking standards shall not enter the internal law of Xaragua automatically.
They shall be applied where:
a. an external law legally governs the institution or transaction;
b. a provider contract requires compliance;
c. an agreement has been accepted by competent authority;
d. an implementing regulation incorporates a relevant standard;
e. compliance is necessary to maintain an authorized external financial relationship.
Article 53 — Prohibited Conduct
No participant shall use the Xaraguayan financial system for:
a. fraud;
b. theft;
c. forged documentation;
d. unauthorized fundraising;
e. diversion of institutional funds;
f. concealment of beneficial ownership;
g. misrepresentation of reserves;
h. false investment guarantees;
i. unauthorized securities issuance;
j. corruption;
k. evasion of applicable contractual controls;
l. financing of prohibited activity.
Article 54 — Suspicious Activity
Where a transaction presents a material risk of fraud, diversion, impersonation, or prohibited activity, the competent institution may:
a. request additional information;
b. delay execution;
c. restrict the account;
d. reject the transaction;
e. preserve evidence;
f. notify the competent authority;
g. terminate the relationship according to applicable procedure.
TITLE IX — SOVEREIGN AND DEVELOPMENT INVESTMENT INSTRUMENTS
Article 55 — Authorized Categories
The following instruments may be established by specific regulation:
a. Sovereign Development Obligations;
b. Territorial Investment Certificates;
c. Canonical Participation Agreements;
d. Digitally Administered Development Contracts;
e. Strategic Infrastructure Funds;
f. Indigenous Credit Participation Instruments;
g. other instruments approved by constitutional authority.
Article 56 — Specific Issuing Instrument
No investment instrument shall be offered without a specific issuing instrument identifying:
a. issuer;
b. legal form;
c. purpose;
d. denomination;
e. subscription price;
f. term;
g. return or participation formula;
h. payment conditions;
i. risks;
j. restrictions;
k. governing law;
l. dispute procedure;
m. use of proceeds;
n. reporting;
o. termination or maturity.
Article 57 — Sovereign Development Obligations
A Sovereign Development Obligation is an internal public-credit instrument issued for an approved governmental or territorial-development purpose.
It shall not be described as guaranteed beyond the assets, revenues, appropriations, or undertakings expressly identified in its issuing instrument.
Article 58 — Territorial Investment Certificates
A Territorial Investment Certificate may provide contractual participation in the revenues, use, output, or defined benefits of an approved territorial project.
It shall not confer:
a. sovereignty;
b. political authority;
c. legislative competence;
d. ownership of territory;
e. control of a constitutional institution.
Article 59 — Canonical Participation Agreements
A Canonical Participation Agreement may be concluded with a Catholic institution for a religious, educational, health, charitable, or humanitarian project.
The agreement shall identify the actual canonical and civil capacity of each party and every required authorization.
Article 60 — Digitally Administered Development Contracts
A development contract may be recorded or administered through cryptographic or automated systems.
Automated execution shall remain subject to:
a. contractual capacity;
b. lawful purpose;
c. authorized code;
d. correction of technical errors;
e. suspension procedures;
f. applicable dispute mechanisms.
Article 61 — Strategic Infrastructure Funds
A Strategic Infrastructure Fund may finance:
a. roads;
b. bridges;
c. drainage;
d. energy;
e. water;
f. housing;
g. communications;
h. transportation;
i. health infrastructure;
j. education;
k. agricultural logistics;
l. civil protection.
Each fund shall maintain separate accounts and project-level reporting.
Article 62 — Investor Status
Participation in an investment instrument shall not confer:
a. citizenship;
b. residence;
c. tax residence;
d. diplomatic status;
e. governmental appointment;
f. territorial ownership;
g. legislative power.
Article 63 — Public Solicitation
No public solicitation shall occur without approval of:
a. the offering document;
b. participant-eligibility rules;
c. financial disclosures;
d. risk statements;
e. use-of-proceeds controls;
f. subscription procedures;
g. applicable external restrictions.
TITLE X — CAPITAL, OWNERSHIP, AND GOVERNANCE
Article 64 — Capital Contributions
Capital may consist of:
a. money;
b. property;
c. equipment;
d. documented intellectual property;
e. contractual rights;
f. labour or services where authorized;
g. other valued contributions accepted by the constitutive instrument.
Article 65 — Valuation
Non-cash contributions shall be valued through a documented and reviewable method.
Spiritual, symbolic, historical, or constitutional significance shall not be assigned a monetary value without an identified valuation basis and authorized institutional purpose.
Article 66 — Beneficial Ownership
Every company, fund, investment vehicle, or registered enterprise shall identify the natural persons or institutions possessing ultimate ownership or control, subject to lawful confidentiality protections.
Article 67 — Governance
The governing instrument shall specify:
a. authority of directors;
b. reserved decisions;
c. voting rights;
d. conflicts of interest;
e. financial approval limits;
f. reporting;
g. removal;
h. succession;
i. dissolution.
Article 68 — Strategic Assets
No investor or contractor shall acquire control over a strategic asset unless expressly authorized by a specific constitutional instrument.
Strategic assets may include:
a. monetary infrastructure;
b. central financial records;
c. constitutional archives;
d. citizenship systems;
e. protected territorial data;
f. essential communications;
g. critical infrastructure;
h. classified institutional property.
TITLE XI — CONTRACTUAL JURISDICTION
Article 69 — Written Instruments
Material financial and commercial transactions shall be governed by written instruments.
Article 70 — Mandatory Terms
Contracts shall identify:
a. parties;
b. capacity;
c. subject;
d. obligations;
e. price or consideration;
f. currency;
g. payment method;
h. duration;
i. reporting;
j. confidentiality;
k. intellectual property;
l. default;
m. termination;
n. governing law;
o. dispute resolution.
Article 71 — National Ledger of Instruments
The Treasury or designated authority shall maintain the National Ledger of Financial and Commercial Instruments.
Registration may be mandatory for:
a. public-credit instruments;
b. major investments;
c. institutional guarantees;
d. strategic contracts;
e. security interests;
f. concessions;
g. other designated transactions.
Article 72 — Governing Law
A contract may select Xaraguayan law, external law, generally recognized commercial principles, or a combination expressly defined by the parties.
No choice of law shall be inferred solely from the nationality, location, currency, digital platform, or institutional identity of one party where the contract provides otherwise.
Article 73 — Dispute Resolution
Disputes may be submitted to:
a. the competent Xaraguayan tribunal;
b. administrative review;
c. mediation;
d. agreed arbitration;
e. an external court possessing jurisdiction;
f. another procedure established by contract.
Article 74 — External Enforcement
A judgment or award intended for enforcement outside Xaragua shall be presented according to the recognition and enforcement procedures of the jurisdiction where enforcement is sought.
Article 75 — Institutional Guarantees
No person may bind Xaragua, XaraBank, the Treasury, or another public institution through a guarantee without express written authority.
TITLE XII — PARTICIPANT PROTECTION
Article 76 — Required Information
Before accepting funds, the issuing institution shall provide information sufficient to explain:
a. the identity of the issuer;
b. the nature of the instrument;
c. expected use of funds;
d. payment conditions;
e. material risks;
f. transfer restrictions;
g. fees;
h. governing law;
i. dispute procedure;
j. absence of any benefit not expressly granted.
Article 77 — Protection of Funds
Participant funds shall be:
a. received through authorized channels;
b. recorded;
c. separated where required;
d. used only for the approved purpose;
e. subject to reporting;
f. recoverable according to the applicable contract.
Article 78 — No Unauthorized Claims
No issuer shall represent that an instrument is:
a. risk-free;
b. externally guaranteed;
c. insured;
d. universally tax-exempt;
e. diplomatically protected;
f. automatically enforceable worldwide;
g. approved by the Catholic Church;
h. recognized by an external government,
unless documentary authority supports the statement.
Article 79 — Complaints
Participants may submit complaints concerning:
a. misrepresentation;
b. unauthorized use of funds;
c. non-performance;
d. accounting errors;
e. conflicts of interest;
f. access to records;
g. improper suspension;
h. breach of contract.
TITLE XIII — PUBLIC FUNDS AND FINANCIAL CONTROL
Article 80 — Treasury Unity
Public revenues shall be deposited into authorized treasury or institutional accounts and recorded according to their source, restriction, appropriation, and purpose.
Article 81 — Appropriation
No public fund shall be spent without:
a. legal authority;
b. budgetary or program authorization;
c. available funds;
d. payment approval;
e. supporting documentation;
f. accounting entry.
Article 82 — Restricted Funds
Donations, grants, endowments, project revenues, and other restricted resources shall be used according to their lawful conditions.
Article 83 — Prohibition of Private Diversion
No public, charitable, ecclesiastical, educational, or restricted fund may be diverted for the personal use of an officer, investor, contractor, donor, or related party.
Article 84 — Collateralization
A public or institutional asset may be pledged only where:
a. the institution owns or controls the asset;
b. the pledge is legally permitted;
c. competent approval has been obtained;
d. valuation has been documented;
e. the secured obligation is identified;
f. strategic restrictions have been respected.
Article 85 — Audit
Financial institutions and funded programs shall be subject to internal or independent review according to their size, risk, function, and available resources.
TITLE XIV — EXTERNAL FINANCIAL AND COMMERCIAL OPERATIONS
Article 86 — Selective External Engagement
Xaragua may engage with:
a. banks;
b. payment providers;
c. insurers;
d. investors;
e. charities;
f. universities;
g. Indigenous institutions;
h. governments;
i. international organizations;
j. commercial enterprises;
k. technological providers.
Article 87 — Conditions
External engagement shall be governed by a written instrument defining:
a. parties;
b. purpose;
c. funds;
d. jurisdiction;
e. compliance obligations;
f. data treatment;
g. institutional identity;
h. termination;
i. dispute settlement;
j. absence of implied political subordination.
Article 88 — External Debt
No external debt shall bind Xaragua unless:
a. the borrower is identified;
b. competent authority approves the obligation;
c. principal, interest, fees, term, currency, and security are disclosed;
d. repayment capacity is assessed;
e. the obligation is registered;
f. applicable external law is identified.
Article 89 — Multilateral and Humanitarian Financing
Xaragua may accept, reject, negotiate, or condition external financing according to:
a. institutional compatibility;
b. financial sustainability;
c. reporting requirements;
d. political conditions;
e. procurement rules;
f. data obligations;
g. territorial consequences;
h. operational benefit.
No external program shall acquire authority over Xaragua’s constitutional institutions beyond the written agreement.
Article 90 — External Licensing and Registration
Where a Xaraguayan enterprise conducts activity in another jurisdiction, it shall assess and comply with mandatory registration, licensing, tax, employment, customs, consumer, securities, banking, insurance, and professional requirements applicable to that activity.
External compliance shall not extinguish its Xaraguayan registration.
Article 91 — External Tax Position
A Xaraguayan enterprise may assert every exemption, treaty benefit, Indigenous protection, charitable status, religious status, deduction, credit, or procedural defense legally available in the external jurisdiction.
No general certificate issued under this Code shall be represented as an automatic worldwide tax exemption.
Article 92 — External Financial Data
Financial information may be disclosed to an external institution where required by:
a. participant consent;
b. a governing contract;
c. an applicable law;
d. a valid order;
e. a payment or banking relationship;
f. prevention of fraud;
g. protection of the institution or participant.
Disclosure shall be limited to the information legally and operationally required.
TITLE XV — EXTERNAL OPPOSABILITY OF ENTERPRISES
Article 93 — Internal Existence
An enterprise duly constituted under this Code possesses juridical existence within the Xaraguayan order from the date recorded in its Certificate of Legal Existence.
Article 94 — External Recognition
External recognition may be pursued through:
a. foreign registration;
b. contractual acknowledgment;
c. banking verification;
d. notarization;
e. certified corporate records;
f. litigation;
g. intellectual-property registration;
h. institutional agreement;
i. recognition of foreign juridical persons.
Article 95 — Notification
International notification of Xaragua establishes documentary notice of the position communicated.
Notification shall not automatically compel every recipient to recognize every enterprise, immunity, tax treatment, currency, or certificate subsequently created.
Article 96 — Enterprise Protection
Xaragua may protect its registered enterprises through:
a. verification letters;
b. certified records;
c. contractual assistance;
d. administrative representations;
e. legal referrals;
f. public correction of impersonation;
g. intellectual-property enforcement;
h. institutional exclusion of fraudulent actors.
Article 97 — No Diplomatic Immunity
Enterprise incorporation shall not confer diplomatic, consular, sovereign, or jurisdictional immunity upon the enterprise, its shareholders, directors, employees, property, or transactions unless such status is independently established.
TITLE XVI — ADMINISTRATIVE ENFORCEMENT
Article 98 — Grounds for Action
Administrative action may be initiated for:
a. false incorporation documents;
b. concealed beneficial ownership;
c. unauthorized financial activity;
d. misuse of Viaud’or;
e. public fundraising without approval;
f. diversion of funds;
g. failure to maintain records;
h. misuse of state insignia;
i. false tax or immunity claims;
j. obstruction of audit;
k. serious contractual non-performance;
l. operation after suspension.
Article 99 — Measures
The competent authority may issue:
a. warning;
b. corrective directive;
c. reporting requirement;
d. restriction;
e. suspension;
f. revocation;
g. disqualification;
h. recovery demand;
i. transaction freeze within systems under Xaraguayan control;
j. contract termination;
k. referral to a competent tribunal or external authority.
Article 100 — No Legal Erasure
Revocation terminates or restricts the entity’s Xaraguayan status according to the applicable decision.
It shall not erase historical existence, extinguish third-party rights, destroy records, or cancel liabilities already incurred.
Article 101 — Asset Recovery
Where funds or assets have been diverted, the competent authority may pursue:
a. restitution;
b. contractual recovery;
c. set-off;
d. preservation orders;
e. civil proceedings;
f. arbitration;
g. referral for investigation;
h. other available remedies.
Article 102 — Proportionality
Measures shall correspond to the seriousness, duration, recurrence, financial impact, participant harm, degree of responsibility, and corrective conduct associated with the violation.
Article 103 — Reasoned Decision
Suspension, revocation, disqualification, or material recovery orders shall be documented through a reasoned administrative decision identifying the facts, authority, measure, duration, and review procedure.
TITLE XVII — TRANSITIONAL AND FINAL PROVISIONS
Article 104 — Reclassification of Existing Entities
Existing enterprises and financial instruments shall be reviewed and classified according to this Code.
The review shall determine:
a. juridical category;
b. ownership;
c. authorized activity;
d. financial status;
e. outstanding obligations;
f. applicable registration;
g. required corrective measures.
Article 105 — Existing Viaud’or Holdings
Existing Viaud’or accounts, obligations, certificates, and transactions shall be entered into the official ledger or separately classified as historical, pending, restricted, cancelled, or subject to verification.
Article 106 — Existing Investment Instruments
No existing bond, certificate, smart contract, participation agreement, or fund shall be publicly offered or renewed without:
a. identification of the issuer;
b. verification of authorization;
c. disclosure of terms;
d. registration;
e. confirmation of available records;
f. classification under this Code.
Article 107 — Institutional Supersession
This Code supersedes, to the extent of inconsistency:
a. the Constitutional Financial Instrument concerning Viaud’or and financial doctrine;
b. the Sovereign Law of Incorporation, Enterprise Creation, and Economic Jurisdiction dated June 13, 2025;
c. Annex A concerning international exemptions, immunities, and advantages;
d. all prior provisions asserting automatic worldwide taxation immunity, diplomatic protection, regulatory immunity, canonical endorsement, or universal enforceability for registered enterprises.
Article 108 — Preservation of Internal Acts
Certificates, registrations, accounts, and contracts validly issued under prior Xaraguayan instruments shall remain internally effective until reviewed, replaced, expired, suspended, or revoked under this Code.
Article 109 — Subsidiary Regulations
The competent authorities may issue regulations concerning:
a. Viaud’or supply;
b. account administration;
c. conversion;
d. enterprise forms;
e. filing fees;
f. fiscal contributions;
g. investment disclosures;
h. public-credit instruments;
i. verification;
j. audit;
k. digital security;
l. dispute procedures;
m. dissolution;
n. external operations.
Article 110 — No Automatic Financial Obligation
The establishment of a currency, enterprise category, fund, credit program, investment instrument, or development mechanism shall not create an automatic obligation to issue currency, grant credit, accept an investment, guarantee repayment, finance a project, open an account, or provide external convertibility.
Article 111 — Institutional Interpretation
Interpretation and implementation shall remain within the respective competences of the Office of the Rector-President, XaraBank, the Treasury and Financial Administration, the Indigenous Credit Bureau, the Indigenous Fund, the Economic Initiatives Bureau, competent tribunals, and other duly authorized authorities.
Article 112 — Severability
A determination that a provision is inapplicable to a particular external jurisdiction, transaction, institution, or person shall not automatically invalidate the remainder of this Code within the internal juridical order of Xaragua.
Article 113 — Entry into Force
This Supreme Consolidated Constitutional Code shall enter into force immediately upon promulgation.
All competent authorities shall proceed with:
a. constitution of the required registers;
b. review of existing entities;
c. verification of Viaud’or records;
d. classification of investment instruments;
e. establishment of financial-integrity procedures;
f. preparation of subsidiary regulations;
g. preservation of prior financial records.
PROMULGATION
Promulgated under the direct and non-delegable authority of the Rector-President of the Sovereign Catholic Indigenous and Private State of Xaragua.
OFFICE OF THE RECTOR-PRESIDENT
SOVEREIGN CATHOLIC INDIGENOUS AND PRIVATE STATE OF XARAGUA
Pascal Despuzeau Daumec Viau
Rector-President
Supreme Constitutional Authority