Utah Code 48-5-305. Administrators
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(1) Unless mandated in the decentralized autonomous organization’s by-laws, a decentralized autonomous organization is not required to have an administrator, including a board of directors or a trustee.
Terms Used In Utah Code 48-5-305
- Administrator: means a person that is appointed in a manner specified in the by-laws to make decisions for specific, predefined operations of the decentralized autonomous organization. See Utah Code 48-5-101
- 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
- Trustee: A person or institution holding and administering property in trust.
(2) In the absence of a provision requiring administrators, all the powers and tasks of an administrator shall be vested in the decentralized autonomous organization members as a class.(3) The voting mechanism for nominating and appointing an administrator shall be set out in the decentralized autonomous organization’s by-laws.