New Hampshire § 301-B-17 - Section 301-B:17 Participants; Governance; Capital; Rights and Obligations of Participants.

§ 301-B-17. Section 301-B:17 Participants; Governance; Capital; Rights and Obligations of Participants.

I. The bylaws shall specify rules for determining which persons are participants in the New Hampshire DAO. II. The bylaws shall specify rules establishing the governance rights of participants, exercisable pursuant to tokens or otherwise. III. If the bylaws provide for meetings of participants, the bylaws shall specify procedures for providing notice to participants and administrators, allowing participants to make proposals for consideration at a meeting, and establishing quorum and mechanisms for voting on various actions. The bylaws may authorize participants to represent themselves or be represented by a proxy. This act does not require a New Hampshire DAO to convene a general meeting of participants. This act does not require physical, in-person meetings, unless set forth in the bylaws. IV. Voting by participants may be on a per capita, number, profits, financial interest, class, group, or any other basis, as set forth in the bylaws. V. No minimum capital requirements shall apply to a New Hampshire DAO. A DAO may specify in its bylaws rules and procedures for subscription and maintenance of minimum capital amounts. VI. The bylaws may provide for classes or groups of participants having such relative rights, powers and duties as the bylaws may provide. VII. The bylaws must specify the rules for exiting the DAO that address the consequences of voluntary and involuntary participant exit on subscriptions and payments they have made.