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Topic: Do you Consider a Contract Change without a Share Holder Vote Invalid? [GLBSE] - page 3. (Read 3844 times)

hero member
Activity: 826
Merit: 500
If a Contract change is made without a Share Holder Vote and changes are made to the contract by the Asset Owner?
I consider this fraud by the Asset Owner and the changes to be invalid.
I don't think you can answer this in the abstract. It's fraud if there's deception or intent to defraud. If, for example, the change remedies something that was objectively a defect in the contract, then it's not fraud. For example, if the contract promises that a particular person will guarantee repayment and that person dies, there's no fraud in changing the guarantor to someone comparably reliably. What's the alternative?


Sorry I was saying making changes to a contract, that required a vote to change without a vote being done. Even if you are fixing an error in the contract don't you think a vote still should be done to just for transparency purpose.

legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
If a Contract change is made without a Share Holder Vote and changes are made to the contract by the Asset Owner?
I consider this fraud by the Asset Owner and the changes to be invalid.
I don't think you can answer this in the abstract. It's fraud if there's deception or intent to defraud. If, for example, the change remedies something that was objectively a defect in the contract, then it's not fraud. For example, if the contract promises that a particular person will guarantee repayment and that person dies, there's no fraud in changing the guarantor to someone comparably reliably. What's the alternative?
full member
Activity: 126
Merit: 100
Yes. Even if the issuer does not need a motion to pass to change the contract I consider this to be very very shady. Ianal, but I am pretty sure any ambiguity in a contract benefits the party who did not draft it in US courts.
hero member
Activity: 826
Merit: 500
I just curious about what other people think on this issue?

If a Contract change is made without a Share Holder Vote and changes are made to the contract by the Asset Owner?
I consider this fraud by the Asset Owner and the changes to be invalid.


If a Contract change is made without a Share Holder Vote and changes are made to the contract by the Exchange Owner?
I consider this a breach of Contract by causing interference with the other party's performance.

I wanted to throw this here, because I didn't want to clog up other threads.

Please keep Flaming to Low Levels, I want to discuss the issue and not what is causing this to come up?



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