Topic: Long Term Loan for TS Transition - page 5. (Read 10442 times)

BYLAWS

OVERVIEW

The money raised in this IPO will be used by chris3spice to buy hormones, etc. in order to change her sex to female. She will be producing transexual pornography during her transition, and may also produce pornography after her transition. A share in this asset entitles the owner to a share of the distributed profits from all of chris3spice's future pornographic activities.

22,000 shares will be sold in the IPO for 0.05 BTC each.

BUYBACK OPTION

Before all 22,000 shares are sold, the issuer may cancel the IPO and buy back all shares at 0.05 BTC per share.

After all shares are sold, the issuer may end all of her obligations by buying back all shares at 0.1 BTC per share.

ISSUER OBLIGATIONS

The issuer may make money from pornographic activities in a variety of ways. For example, she may record her own videos and sell them on a subscription site of her own; she may sell the copyright to her videos; she may use camming sites to make money; she may work for a company specializing in the creation of pornographic videos; etc. In any case, whenever the issuer is using pornographic images or videos of her body in order to make money, the full amount of money made is considered DISTRIBUTABLE REVENUE.

The issuer will occasionally distribute profits to shareholders in the form of dividends. Dividend payments should be made within seven days of the last day of every month when there are distributable profits in that month. DISTRIBUTABLE PROFITS is the distributable revenue for that month minus any allowed expenses for that month. If the expenses for that month are greater than the distributable revenue for that month, no dividends are made and the remaining expenses for that month are added to the next month's allowed expenses.

ALLOWED EXPENSES include only:
- Legal costs if the issuer runs her own site.
- Hosting costs if the issuer runs her own site.
- The pay of at most one employee if the issuer runs her own site. The pay must be reasonable. The issuer cannot be the paid employee.
- Specific fees levied by governments related to pornography production. Does not include tax.
- Fees required by sites that the issuer uses to make money.

If the issuer creates pornographic material and no other money-making contracts prevent her from claiming copyright on it, and she therefore would own copyright on it, the copyright is instead owned by the shareholders. Its ownership and use can be decided by a majority shareholder vote.

Each time dividends are distributed, the current USD value per share of the BTC so distributed is to be added to a running total; this running total is the USD-DENOMINATED TOTAL PAYOUT. The BTC per share paid out is likewise added to a separate running total; this is the BTC-DENOMINATED TOTAL PAYOUT.

If the USD-denominated total payout is less than 0.55, then the issuer is obligated to:

- Produce at least 240 minutes of pornographic video each month. One pornographic image is considered equivalent to one second of video. Camming itself is not considered creation of pornographic video; the camming session must be recorded for it to count.
- Try to make as much money as possible on the pornographic video produced above.
- Distribute to shareholders 100% of distributable profits.
- Not undergo sex reassignment surgery, as this would make the issuer's porn less unique and valuable.

If the BTC-denominated total payout is less than 0.05 but the USD-denominated total payout is greater than 0.55, then the issuer is no longer required to produce porn, and she may undergo sex reassignment surgery. However, she is still obligated to distribute 50% of distributable profits.

If the BTC denominated total payout is greater than 0.05 and the USD-denominated total payout is greater than 0.55, then the issuer is obligated to distribute 25% of distributable profits.

These obligations do not apply before all 22,000 shares are sold, or for the first 60 days after all 22,000 shares are sold.

Note: although the issuer receives a percentage of profits, she has no shares.

SHAREHOLDER VOTES

The issuer may call for a shareholder vote about any topic. One share equals one vote. At least seven days must be given for voting.

Shareholders may only independently call for binding votes regarding copyright on produced videos, or if the issuer has broken this contract.

AMENDMENTS

The issuer may make amendments to these bylaws if the changes are agreed to by a majority shareholder vote.

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[size=12pt]General Fund - 0.1408
SRS - 0.0
Breast Implants - 0.0
Clothes - 0.0
Make-up - 0.0[/size]