Louis II, Prince of Monaco
On 26 June 1922, Prince Albert I died in Paris. Louis Grimaldi ascended to the throne as Louis II, Prince of Monaco. While his reign never achieved the grandeur of his father, Louis II left an indelible imprint on the tiny principality. In 1924 the Monaco Football Club was formed and in 1929, the first Grand Prix of Monaco automobile race was held, won by Charles Grover (aka "Williams") driving a Bugatti painted in what would become the famous British racing green color. He collected artefacts belonging to Napoleon I which are now assembled and displayed in the Napoleon Museum attached to the Royal Palace in Monte Carlo.
France–Monaco relations
In 1962, Monaco's refusal to impose a tax on both its residents and international businesses caused problems in relations. However, it was resolved with an agreement that French citizens with less than five years of residence in Monaco and companies doing more than 25 percent of their business outside the country would be taxed at French rates. The crisis also led a new constitution and the restoration of the National Council. Amongst the edicts of the new constitution are the prince's nomination of a Council of Government that consists of a Minister of State who is a French citizen and selected for a three-year term from a group of senior French civil servants selected by the French government. They are the prince's representative and are in charge of foreign relations, directs executive services, the police and the Council of Government. They also choose three council members: one to take care of the economy and finances; one for Home Affairs; and, one for social affairs. All ministers are accountable to Monaco's prince.