Utah Code 48-5-404. Restructuring
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(1) When a decentralized autonomous organization is restructured, whether through modification, upgrade, or migration, the decentralized autonomous organization‘s legal personality and limited liability is retained only to the extent that:
Terms Used In Utah Code 48-5-404
- 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
- Public address: means a unique, durable identifier that an individual can transact with on a permissionless blockchain. See Utah Code 48-5-101
- Public signal: means a declaration authorized by the decentralized autonomous organization in a public forum. See Utah Code 48-5-101
(1)(a) the new software code of the decentralized autonomous organization fulfills all the formation requirements of Section 48-5-201; and(1)(b) where the decentralized autonomous organization has to be associated with a new unique public address, proper notice is provided by way of public signal.
(2) A decentralized autonomous organization that is restructured in compliance with Subsection (1) inherits the rights and obligations of the original decentralized autonomous organization as a successor.