I am currently in the process of creating the asset on GLBSE and I decided to post a shareholder contract. This is the contract that will govern the actions of the company in regard to shareholder. This contract is a modified version of the standard GLBSE stock contract. I have not signed it with PGP however, because I do not see the warrant for installing the client to sing a singal document. Shares will be sold under the ticke UBIT>
Univseral Bitcoin shareholder contract
The holder of this certificate(from here on known as a shareholder) is a holder of one share of the organisation Universal Bitcoin.
That is, the owners of these shares are the owners of the organisation, such that all assets held and profits earned by the organisation are the property of the shareholders.
Each share entitles the holder to one vote in motions put forward by the organisation, such that the ownership of 10 shares entitiles the owner to 10 votes, and so on.
Profits are the income remaining after expenses including operating costs, and research and development of new technologies or services, establishment of reserve funds, and any action that the organisation see's nessecary to take part in.
All profits earned by the organisation will be paid to shareholders as a dividend, such that these profits will be divided equally among all shares.
Dividends are to be paid on a quarterly basis.
Each share entitles the holder to one share of the organisations profits.
In the event of winding up of the organisation and liquidising of it's assets , after the payment of the organisations creditors,
the shareholders will be paid all remaining liquidity, divided equally among shares, such that one share entitles the holder to a single share of liquidity.
Appointment of a Chief Executive Officer(CEO), a company secretary, a company treasurer requires the approval of at least 51% of shares in a vote on the appointment in a motion.
The decision to wind up the organisation (and therefor liquidate it's assets) requires the approval of at least 51% of shares in a vote
on the issue in a motion.
A change in the organisations requires the approval of at least 51% of shares in a vote on the issue in a motion.
Motions can be put forward for voting by either the organiations officers, or by 30% or more of shares, and require the vote of 51% or more of shares to pass.
No shareholder is liable for the actions of this organisation, or of any of it's officers or anyone who performs any action or task for this organisation. No shareholder is liable for any debt that this organisation takes on.
The limit of liability of a shareholder is solely limited to the capital already invested in this organisation when this share was purchased, and no further.
Pwrleveld(bitcoin forum username)