Oh, another thing. What about nonmember parties to the contract?
Nothing protects their rights, which makes things very dicey if one
ever loses one's share. Three possible solutions: 1) Automatic
ejection of non-shareholder parties; 2) a provision that one cannot
transfer a share if it would cause one to hold none; or 3) (probably
more complicated than its worth) explicit rights for non-member
parties (you could call them associates or something).
-Aris
On Thu, Jan 23, 2020 at 8:54 PM Aris Merchant
<thoughtsoflifeandligh...@gmail.com> wrote:
>
> I'd prefer a "This contract does not allow anyone to act on behalf of
> its members except as explicitly provided to the contrary", if that's
> part of the intent. Otherwise, ordinary proposals could potentially be
> used to allow appropriation of non-contract assets from members, which
> I don't think is intended (and if it is, I'm uncomfortable with
> signing). I can't see any other problems right now.
>
> -Aris
>
> On Thu, Jan 23, 2020 at 8:36 PM Tanner Swett via agora-discussion
> <agora-discussion@agoranomic.org> wrote:
> >
> > It's never too late to try to found a company which aspires to take
> > over the world.
> >
> > {
> > ## Bylaw 1: Definition
> >
> > This contract is named "the TCC Corporation". The purpose of the TCC
> > Corporation is to earn as much money as possible for its
> > shareholders.
> >
> > Shares of TCC stock (hereinafter "shares") are a currency whose
> > purpose is to represent ownership of the TCC Corporation. An entity
> > which owns at least one share is known as a shareholder. Any
> > shareholder may become a party to the TCC Corporation; a shareholder
> > which is a party to the TCC Corporation is known as a member.
> >
> > If the TCC Corporation or the Lost and Found Department owns any
> > shares, then those shares are destroyed.
> >
> > ## Bylaw 2: Proposals
> >
> > Any member may, by announcement, submit a Corporate Proposal. A
> > Corporate Proposal must have exactly one of the types defined by
> > this contract. Thereafter, any shareholder may vote FOR or AGAINST
> > that proposal by announcement, or retract such a vote, which causes
> > the vote to become null and void. Whenever a shareholder votes, all
> > of eir previous votes on the same proposal are implicitly retracted.
> >
> > If a Corporate Proposal was submitted more than 7 but fewer than 21
> > days ago, and the proposal has approval (as defined in other
> > bylaws), and the proposal has not been applied, then any member may,
> > by announcement, apply the proposal, which has effects as defined in
> > other bylaws.
> >
> > Members SHALL NOT submit, vote for, or apply proposals that are
> > egregiously unfair to other shareholders (such as a proposal which
> > takes or revokes shares from minority shareholders without just
> > compensation).
> >
> > ## Bylaw 3: Amendment Proposals
> >
> > An Amendment Proposal is a type of Corporate Proposal. An Amendment
> > Proposal has approval if at least one shareholder has voted FOR it,
> > and the number of shares owned by shareholders voting FOR it is at
> > least 2 times the number of shares owned by shareholders voting
> > AGAINST it.
> >
> > When an Amendment Proposal is applied, the following occur:
> >
> > * If the proposal states that one or more entities cease to be
> > parties to this contract, then that occurs.
> >
> > * If every member has voted FOR the proposal, then this contract is
> > modified as described in the proposal. (Entities which ceased to
> > be members in the previous step do not count as members for this
> > step.)
> >
> > * The person who applied the proposal SHALL publish this contract in
> > a timely fashion.
> >
> > ## Bylaw 4: Ordinary Proposals
> >
> > An Ordinary Proposal is a type of Corporate Proposal. An Amendment
> > Proposal has approval if the number of shares owned by shareholders
> > voting FOR it is greater than the number of shares owned by
> > shareholders voting AGAINST it.
> >
> > When an Ordinary Proposal is applied, assets are created, destroyed,
> > and/or transferred as described in the proposal; and entities may
> > create, destroy, and/or transfer assets as permitted in the
> > proposal. Such permission expires 30 days after the proposal is
> > applied.
> >
> > After an Ordinary Proposal is applied, the person who applied it
> > SHALL publish a description of its effects in a timely fashion,
> > including all balances which were affected by the proposal.
> >
> > ## Bylaw 5: Bonds and Banknotes
> >
> > Perpetual TCC bonds (hereinafter "bonds") are a currency. Banknotes
> > are a currency.
> >
> > At the beginning of each Agoran quarter, each entity is awarded a
> > number of banknotes equal to the number of bonds that e owns.
> >
> > If an entity owns a banknote, any member CAN redeem the banknote by
> > transferring 1 coin from the TCC Corporation to that entity; the
> > banknote is then destroyed. Members should do this upon request by
> > non-members.
> >
> > ## Bylaw 6: IPO
> >
> > Within 90 days after this contract is created, any entity may buy a
> > share by announcement; in the same message, the entity must transfer
> > 10 coins to the TCC Corporation for the sole purpose of buying a
> > share. When e does this, e is awarded 1 share.
> >
> > Within 90 days after this contract is created, any entity who owns
> > at least 1 share may sell the share by announcement. When e does
> > this, the share is destroyed and e is awarded 5 banknotes.
> > }
> >
> > Of course, "TCC" stands for "the TCC Corporation."
> >
> > —Warrigal
