Utah Code 48-5-306. Legal representation
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(1) A decentralized autonomous organization shall retain a legal representative to undertake tasks that cannot be achieved on-chain.
Terms Used In Utah Code 48-5-306
- 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
- Cryptographic proof: means a mathematical proof that verifies that a message has not been tampered with or altered in any way and can be verified by a person that has access to the original message and the proof. 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
- Legal representative: means an individual appointed in the manner specified in the by-laws of a decentralized autonomous organization to perform procedural functions off-chain on behalf of 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
- Public forum: means a freely accessible online environment that is commonly used for the exercise of speech and public debate. See Utah Code 48-5-101
(2) Legal representation of the decentralized autonomous organization shall be carried out by the legal representative in the manner provided in the by-laws, as evidenced by an authorization displayed on a public forum, and verifiable by cryptographic proof.(3) The legal representative may undertake and execute any and all acts and contracts included within the scope of such authorization.(4) The legal representative may not be required to reside in Utah.(5) A legal representative may not be personally liable for acts performed on behalf of the decentralized autonomous organization.