SF0050

Bill Summary - 24LSO-0104 Bill No.: SF0050 Effective: 7/1/2024 LSO No.: 24LSO-0104 Enrolled Act No.: SEA No. 0023 Chapter No.: 50 Prime Sponsor: Select Committee on Blockchain, Financial Technology and Digital Innovation Technology Catch Title: Unincorporated nonprofit DAO's. Has Report: No Subject: Decentralized unincorporated nonprofit associations. Summary/Major Elements: This bill provides for the creation of decentralized unincorporated nonprofit associations. This type of organization is an unincorporated nonprofit that allows for governance and operation using algorithmic means through distributed ledger technology and smart contracts. This bill establishes baseline requirements for decentralized unincorporated nonprofit associations and provides definitions and regulations for governing authority, statements of authority, smart contracts, management, standards of conduct, membership interests, voting rights, liability, the withdrawal of members, dissolution, conversion and mergers. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.