The Regulatory Branch shall have such agencies as the Board may find necessary and are not disapproved by law.

The Regulatory Board shall consist of seventeen members recommended to the Senate by the Regulator. Unless rejected by majority vote they shall act with the Regulator as a lawmaking body for industry.

They shall initially have terms of one to seventeen years, one being replaced each year and serving for seventeen years. They shall be compensated and shall have no other occupation.

Under procedures approved by the Board, the Regulator shall charter all corporations or enterprises except those exempted because of size or other characteristics, or those supervised by the Chancellor of Financial Affairs, or by the Intendant, or those whose activities are confined to one Newstate.

Charters shall describe proposed activities, and departure from these shall require amendment on penalty of revocation. For this purpose there shall be investigation and enforcement services under the direction of the Regulator.

Chartered enterprises in similar industries or occupations may organize joint Authorities. These may formulate among themselves codes to ensure fair competition, meet external costs, set standards for quality and service, expand trade, increase production, eliminate waste, and assist in standardization. Authorities may maintain for common use services for research and communication; but membership shall be open to all eligible enterprises. Nonmembers shall be required to maintain the same standards as those prescribed for members.

Authorities shall have governing committees of five, two being appointed by the Regulator to represent the public. They shall serve as he may determine; they shall be compensated; and he shall take care that there be no conflicts of interest. The Board may approve or prescribe rules for the distribution of profits to stockholders, allowable amounts of working capital, and reserves. Costing and all other practices affecting the public interest shall be monitored.

All codes shall be subject to review by the Regulator with his board.

Member enterprises of an Authority shall be exempt from other regulation.

The regulator, with his Board, shall fix standards and procedures for mergers of enterprises or the acquisition of some by others; and these shall be in effect unless rejected by the Court of Administrative Settlements. The purpose shall be to encourage adaptation to change and to further approved intentions for the nation.

The charters of enterprises may be revoked and Authorities may be dissolved by the Regulator, with the concurrence of the Board, if they restrict the production of goods and services, or controls of their prices; also if external costs are not assessed to their originators or if the ecological impacts of their operations are deleterious.

Operations extending abroad shall conform to policies notified to the Regulator by the President; and he shall restrict or control such activities as appear to injure the national interest.

The Regulator shall make rules for and shall supervise marketplaces for goods and services; but this shall not include security exchanges regulated by the Chancellor of Financial Affairs.

Designation of enterprises affected with a public interest, rules for conduct of enterprises and of their Authorities, and other actions of the Regulator or of the Boards may be appealed to the Court of Administrative Settlements, whose judgments shall be informed by the intention to establish fairness to consumers and competitors and stability in economic affairs.

Responsible also to the Regulator, there shall be an Operations Commission appointed by the Regulator, unless the Senate object, for the supervision of enterprises owned in whole or in part by government. The commission shall choose its chairman, and he shall be the executive head of a supervisory staff. He may require reports, conduct investigations, and make rules and recommendations concerning surpluses or deficits, the absorption of external costs, standards of service, and rates or prices charged for services or goods.

Each enterprise shall have a director, chosen by and removable by the Commission; and he shall conduct its affairs in accordance with standards fixed by the Commission.