New Hampshire § 301-B-16 - Section 301-B:16 Bylaws.

§ 301-B-16. Section 301-B:16 Bylaws.

I. Every New Hampshire DAO shall have bylaws that set forth the purposes, powers, and rules and procedures for the internal organization, governance, capital requirements and other procedures of the New Hampshire DAO. II. The bylaws shall accurately reflect the rules, terms, instructions and conditions of the software code that governs the smart contracts and permissionless blockchain network of the New Hampshire DAO, including the rules and regulations that govern the procedures followed by the New Hampshire DAO and the interaction of its participants, administrators and legal representatives. Except to the extent that it is inconsistent with this chapter, or any other applicable law, the New Hampshire DAO's bylaws may set forth any one of the following: (a) Any provision defining, limiting, or regulating capital contributions; (b) Any provision defining, limiting, or regulating a developer's rights, powers and interests in the New Hampshire DAO; (c) Any provision defining, limiting, or regulating the manner in which the New Hampshire DAO's property may be applied, decentralized or accumulated, including maintenance of one or more treasuries; (d) Any provision imposing obligations upon participants as a condition of any distribution or other benefit; (e) Any provision defining, limiting or regulating the duties, powers and liabilities of one or more administrators or legal representatives of the New Hampshire DAO; (f) Any provision regarding the amendment, revocation or restatement of the bylaws of a New Hampshire DAO; (g) Any provision regarding the appointment, resignation, and removal of administrators and legal representatives of the New Hampshire DAO; and (h) Any provision regarding any other matter that the New Hampshire DAO deems necessary or advisable. III. The bylaws shall be written in plain language comprehensible by a layperson. IV. The bylaws shall provide accurate disclosure of all material facts that a reasonable person would consider important in deciding whether or not to become a participant in the New Hampshire DAO. V. For the purposes of determining the meaning of terms of the bylaws, the terms of the software establishing the blockchain system shall be paramount.