What Wyoming Decentralized Autonomous Organization Supplement (W.S. 17-31-101 through 17-31-116) requires
A limited liability company that elects to operate as a Wyoming Decentralized Autonomous Organization under W.S. 17-31-101 et seq. must include the statutory Notice of Restrictions on Duties and Transfers in its articles of organization, register a name containing 'DAO', 'LAO', or 'DAO LLC', file a publicly available identifier of every smart contract used to manage the DAO within thirty days of formation, vest management in its members or in the members and applicable smart contracts that are capable of being updated, recognise that no member has a fiduciary duty other than the implied contractual covenant of good faith and fair dealing unless the articles state otherwise, calculate membership interests by digital-asset contribution unless the articles provide otherwise, accept that smart contracts preempt the articles of organization except as to W.S. 17-31-104 and 17-31-106(a)-(b), and dissolve upon any of the six events listed in W.S. 17-31-114(a) including failure to take any action for one year or loss of natural-person control; the Wyoming Secretary of State will not issue a certificate of authority for a foreign DAO.
Pillar: Crypto & Sovereign Finance · Authority: Wyoming State Legislature, codified in Wyoming Statutes Title 17 Chapter 31 · Version: 1.0.0 · Last updated:
Primary source: https://www.wyoleg.gov/statutes/compress/title17.pdf
SHA-256 integrity: 9da58e65c3893040cfaaf25f8b0e6c7caab7751575099161b87cf002a3517c55
Primary Citations — 12 traced to source
- W.S. 17-31-101 Short title: 'This chapter shall be known and may be cited as the Wyoming Decentralized Autonomous Organization Supplement.'
- W.S. 17-31-102(a) Definitions: 'Decentralized autonomous organization' means a limited liability company organized under this chapter; 'Smart contract' means an automated transaction, as defined in W.S. 40-21-102(a)(ii), or any substantially similar analogue, or code, script or programming language relying on a blockchain, which may include taking custody of and transferring an asset, administrating membership interest votes with respect to a decentralized autonomous organization or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions; 'Publicly available identifier' means an address that is available publicly and that identifies a smart contract and may include a uniform resource locator, contract address or other similar reference.
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