Utah Code 48-5-301. Classes of participation rights — Membership
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(1) A decentralized autonomous organization’s by-laws may create multiple classes of member participation rights.
Terms Used In Utah Code 48-5-301
- By-laws: means the procedural rules and regulations that govern a decentralized autonomous organization and the interaction of the decentralized autonomous organization's members and participants. See Utah Code 48-5-101
- Decentralized: means that decision-making is distributed among multiple persons. See Utah Code 48-5-101
- Decentralized autonomous organization: means an organization:(6)(a) created by one or more smart contracts;(6)(b) that implements rules enabling individuals to coordinate for decentralized governance of an organization; and(6)(c) that is an entity formed under this chapter. See Utah Code 48-5-101
- Hard fork: means a blockchain software upgrade that is not compatible with previous versions of the blockchain software and requires all users to upgrade to the latest version of the blockchain software. See Utah Code 48-5-101
- Member: means a person who has governance rights in a decentralized autonomous organization. See Utah Code 48-5-101
- On-chain: means any action that is recorded and verified on a blockchain. See Utah Code 48-5-101
- Token: means a record on a permissionless blockchain that represents an asset, participation right, or other entitlement. See Utah Code 48-5-101
(2) Where the decentralized autonomous organization has tokens providing governance powers to the token holder, the token holder shall be considered a member of the decentralized autonomous organization:(2)(a) from the time the ownership of the tokens is established to be in the possession of an address; or(2)(b) from the time when ownership is first acknowledged by the token holder through an on-chain interaction with the decentralized autonomous organization.(3) This section does not apply in the event of a hard fork.