The Kaiserlich Landtag (Imperial Diet) was created in 1278 by the Großartiger Rat (Grand Council) to replace the old Kaiserlicher Kurfürsten-Rat (Imperial Elector Council). The Diet was much more institutional in nature. Only noblemen owning property or money equalling 5000 gold florins (roughly equating to 500,000 DUM as of 2000) were allowed to vote and run in designated provinces. The Council met annually for several months a year and further worked towards creating a unified economy and law system.