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Governance
Land DAO is a public-private partnership to ensure long-term stability for land prices. Land DAO purchases land that is available at distressed prices and attempt to profit by selling when market conditions allow.
Purchase and sale conditions are governed by a committee of 3 governors. 2 governors are selected from among existing Provincial land owners, and the Interim Provincial Government (IPG) will act as a 3rd nominee governor and retain veto power over purchase and sale decisions in the event the 2 community based governors act against the interests of the DAO. The appointments will be for 6 months and include governors’ fee payment of 25,000 MPL per a calendar month to each community governor.
To ensure the alignment of economic interests, governors will be required to place a minimum of 250,000 MPL into Land DAO and will receive a proportional share of the profits and losses. The IPG will initially seed the DAO with 10 million MPL from the Provincial Treasury, which will be increased (decreased) based on good (poor) performance of the DAO.
Governors can be removed from the DAO in the event of proposing or voting for proposals that are against the economic interests of the DAO. Additionally, governors will be removed in the event they no longer own any Provincial land.
The Board of Governors can elect to make distributions of profit with a simple majority. Distributions of capital can be made but require a 3/3 supermajority vote by the board, except in the event of dismissal, resignation, or end-of-term departure of a governor.
In the even of dismissal, resignation, or end-of-term departure of a governor, a governor immediately loses the right to vote. The Board of Governors and the former governor may agree on a payout amount to resolve the governor's financial claim on the DAO subject to voluntary agreement by the former governor and a unanimous 2/2 vote by the remaining members of the Board of Governors. The payout should include the former governor's proportional share of the DAO's liquid assets in addition to a proportional share of the remaining land at an agreed upon valuation.
If an agreement cannot be reached within 30 days, the departing governor's proportional share of liquid capital shall be paid out to him (her) and the remaining liquid capital will be placed into a new separate pool along with the investment of a new replacement appointee. The remaining land (liquidation pool) can be sold based on simple majority votes of the former governor (1/3) and remaining members (2/3) when the simple majority believes it is economically advantageous to sell. All proceeds from sales in the liquidation pool must be paid out on a timely and proportional basis to the economic ownership of the pool. Proceeds from land sales in the liquidation pool cannot be reinvested in new property purchases and payments on behalf of the remaining members will be transferred to the new pool.
Last modified 1yr ago