Summary
On May 13, 2022 the Azuro DAO members have accepted the Proposal LGL#1 «Creation of Administrative company for the Azuro DAO» (hereinafter – Proposal). Certain points have been reviewed and therefore we propose to make amendments to the Proposal. The amendments are specified in the abstract.
Abstract
We have outlined the key moments which need to be amended in the Proposal:
I) Jurisdiction of Administrative company. After contacting several agents we’ve received information that if registering the Administrative company in the legal form of a Foundation Company in the Cayman Islands – we may be required to receive a special crypto-related license (even though the company itself will not be conducting any crypto-related activities). This will extend the duration of the registration and will impose extra obligations on us (including financial). Due to this fact we recommend to keep the concept of registering the Administrative company as a non-profit organization but in a different Jurisdiction. As an option – it can be formed as a Seychelles Islands Foundation.
II) Company powers. Originally the company powers of the Administrative company included signing agreements on behalf of the Azuro DAO. We propose to exclude these powers and limit the functional of the Administrative company to being the holder of all intellectual property rights on behalf of the Azuro DAO. The only exclusion of agreement signing concerns license agreements or any other agreements which are related to the IP rights held by the Administrative company.
The Azuro DAO members also agree to apoint Dalaxy Ltd. as the official representative and sign contracts on behalf of the DAO.
III) Founders and directors. The DAO members (Paruyr, azurinha, crpp) originally considered in the Proposal have the right to stay as the founders and directors. However, these members have the right to refuse and in this case the DAO will be subjected to find a substitute. If for the creation of the company it will be required to have less people (currently 3 people are required) – the DAO does not have to revote or make an extra proposal for the approval of the founders and directors. The chosen members can decide on their own who will be in the organization.
IV) Time limit of Proposal execution. Extend the limit for the registration of the Administrative company until October 31, 2022.