Utah Code 48-5-401. Asset subscription and payment
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(1) No minimum capital requirements may apply to a decentralized autonomous organization recognized by this act.
Terms Used In Utah Code 48-5-401
- 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
- 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
- Participant: means a person that:
(22)(a) is not a member of a decentralized autonomous organization; and(22)(b) holds or interacts with a token of a decentralized autonomous organization. See Utah Code 48-5-101(2) If the decentralized autonomous organization wishes to maintain a minimum amount of capital, the by-laws of the decentralized autonomous organization shall specify the rules for subscription and payment.(3) The by-laws shall provide the rules for exiting the decentralized autonomous organization that address the consequences of voluntary and involuntary member and participant exit on subscriptions and payments made by the member or participant.(4) No member may compel the dissolution of the decentralized autonomous organization for failure to return the member’s on-chain contribution.