The world's last Hindu kingdom became its newest secular republic Wednesday as Nepal's lawmakers, led by former communist insurgents, abolished the monarchy that had reigned over this Himalayan land for 240 years. “The proposal for the implementation of a republic has been passed by a majority,” a senior member of the 601-member body, Kul Bahadur Gurung, told the gathering. He said 560 members of the Constituent Assembly voted in favor, with four opposed. Throughout the day, thousands of people marched, danced and sang in the streets of Kathmandu in anticipation of the vote, waving red hammer-and-sickle flags. “We have entered a new era today,” said Prime Minister Girija Prasad Koirala, calling Nepal's rebirth as a republic “the dream of the whole nation.” Officials said the parties will give King Gyanendra, who ascended to the throne after most of the royal family were massacred by a drunken prince in 2001, 15 days to vacate his Kathmandu palace. The approved proposal states that Nepal will become “an independent, indivisible, sovereign, secular and an inclusive democratic republic nation.” “Nepal has turned into a democratic republic, all the existing laws and administrative functions that contradicts this idea will be invalidated from today,” the text of the declaration reads. “All the privileges enjoyed by the king and royal family will automatically come to an end,” it says, also declaring May 29 as “Republic Day.” The declaration also states that Gyanendra's main palace will be transformed into a museum.