returning COs + capital contributions for returning COs #120
Conversation
the current interpretation is that no refund of equity/capital contribution currently happens (since it is not in the operating agreement) if we were to add something along those lines, then we would likely want to update my "capital contributions" edit here to make it only for former overlords for whom their capital contribution was not returned.
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| ### Revenge of the Corporate Overlords | ||
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| A former Corporate Overlord who previously left BIFFUD through one of the *voluntary* methods described under "**Removing Corporate Overlords**" (as opposed to removal via a vote of Corporate Overlords, or removal via breach of other rules in this Operating Agreement), may return to the company anew only via the full ritual described in "**Adding Corporate Overlords**." |
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I think it's worth making explicit that they don't need to re-make their capital contribution.
EDIT: oh, I didn't read the entire PR lol
| Failure to contribute in a timely manner shall result in revocation of Corporate Overlord status. | ||
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| A former Corporate Overlord, returning to BIFFUD as described in Section 2 -> | ||
| "**Revenge of the Corporate Overlords**," may have the capital contribution |
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I'd be open to this waiving just being automatic -- in fact, it probably should be!
We do need to make explicit what the equity stake of the CO is (both after leaving and coming back).
I'll need to research how this actually is supposed to work.
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I'd like to propose the following:
When a CO leaves, their equity is placed into chryostasis. They can thaw the equity at any point and get it back. If the company dissolves, any equity in chryostasis is thawed and equally distributed among the current COs.
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This was approved today with some additional considerations: (1) chryostasis of equity; we might consider verbiage that explicitly alludes to participation in BIF being kind of like a gym membership in this way. |
per some converations with @slifty: apparently no refund of equity/capital contribution currently happens if a Corporate Overlord leaves (since there are no provisions for it in the operating agreement). this PR / proposed operating agreement update is not actually about that.
this is primarily about former COs coming back (1) that they need to do the full "Adding Corporate Overlords" process from scratch and more importantly (2) the Hive Mind can vote to waive repeating the capital contribution requirement under those specific circumstances of CO return.
(if we were to later add something about returning someone's equity or even just the capital contribution part, then we'd want to tweak that addition to the "Capital Contributions" section.)