Utah Statutes
§ 48-5-401 — Asset subscription and payment.
Utah·Title 48 Unincorporated Business Entity Act·Ch. 48-5 Decentralized Autonomous Organization Act·Part 48-5-4 Miscellaneous Provisions
(1)No minimum capital requirements may apply to a decentralized autonomous organization recognized by this act.
(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.
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Legislative History
Enacted by Chapter 85, 2023 General Session
Nearby Sections
15
§ 48-1c-101
Title.§ 48-1d-1001
Definitions.§ 48-1d-1002
Relationship of part to other laws.§ 48-1d-1003
Required notice or approval.§ 48-1d-1004
Status of filings.§ 48-1d-1005
Nonexclusivity.§ 48-1d-1006
Reference to external facts.§ 48-1d-1007
Alternative means of approval of transactions.§ 48-1d-1008
Appraisal rights.§ 48-1d-101
Title.§ 48-1d-102
Definitions.§ 48-1d-1021
Merger authorized.§ 48-1d-1022
Plan of merger.§ 48-1d-1023
Approval of merger.§ 48-1d-1024
Amendment or abandonment of plan of merger.