I see, so what would you recommend be the terms for shares in BitcoinGlobal (these terms are to be spelled out n the share certificate).
With the intention that each share is paid a dividend, and is worth 1 vote. What else might we want to add?
Topic: Share, Future, Bond contract text (Read 1152 times)
I mean you can add all kinds of other conditional terms to your contracts to cover whatever outcomes you can imagine, but they don't need to be complicated.
Is that really all that's needed for such a contract? How come anything I get from the bank has pages and pages of terms and conditions?
I've not found any examples of shares or futures conrtacts on the forum thus far, lots of mentions of shares but nothing in terms of a contract.
I've not found any examples of shares or futures conrtacts on the forum thus far, lots of mentions of shares but nothing in terms of a contract.
There is no need for a futures contract to be complicated. All it needs to state is that Person A will pay Person B, X amount for thing Z, on Date Y.
As for a share, when it's created by a company the rights and obligations that come with it are spelled out in the offering document. If you want to buy it from the company you give them the price and they give you the share. A transfer of that share to another party is just another agreement for A to pay B, X amount, and doesn't really have anything to do with the company other than them needing to be kept apprised of who actually owns the share so they can send dividends/notices/whatever to the right person.
You get pages and pages from the bank because you are purchasing a service from them (ie: a bank account) and they are spelling out the limits on their obligations and liabilities to you, as well as telling you what they can impose on you, or the limits on their services or whatever.
In looking for a standard text for some fo these contracts there is this one by Atlas for his bond.
Is that really all that's needed for such a contract? How come anything I get from the bank has pages and pages of terms and conditions?
I've not found any examples of shares or futures conrtacts on the forum thus far, lots of mentions of shares but nothing in terms of a contract.
Quote
I promess to pay a certain amount of bitcoin (called "nominal"), at a certain date (called "maturity"). The nominal is 100 BTC. Maturity will occur at block number 120,000.
I sell this bond in an auction process that will occur on this thread. To bid, just post a message with your bid in bitcoins. Auction will end at block number 116,000. Paiement should then be done within 10 blocks.
No starting price, but if at the end I'm not happy with the final winning bid, I will cancel the auction.
If selling does occur, I will materialize it with a GnuPG signed document where I will mention whe nominal, the maturity and the bitcoin address where the nominal should be paid at maturity.
I sell this bond in an auction process that will occur on this thread. To bid, just post a message with your bid in bitcoins. Auction will end at block number 116,000. Paiement should then be done within 10 blocks.
No starting price, but if at the end I'm not happy with the final winning bid, I will cancel the auction.
If selling does occur, I will materialize it with a GnuPG signed document where I will mention whe nominal, the maturity and the bitcoin address where the nominal should be paid at maturity.
Is that really all that's needed for such a contract? How come anything I get from the bank has pages and pages of terms and conditions?
I've not found any examples of shares or futures conrtacts on the forum thus far, lots of mentions of shares but nothing in terms of a contract.
For the stock exchange we need to have a typical contract to use for each certificate. Of course there will be plenty of non-standard ones but we needs something to start off with, and the examples below need to be filled out.
Any additions or removals or changes are welcome.
Share Certificate
Terms
The organisation that this share is for is X company
It defines that the holder/owner of this certificate owns one share of X company.
This entitles the owner to one vote per share in any resolutions that require shareholder passing, such that a majority of 51% of all shares or more is required to pass a resolution.
This entitles the share owner to a dividend, a payment of a portion of X company's profits, divided equally among all shares, paid at the end of each quarter.
All profits earned by X company will be paid to shareholders as dividends.
And that each quarter the companies accounts must be signed off by an outside accountant, that has the approval of the shareholders.
Signed, X company CEO Mr Blah.
Signed, X company Secretary Mr Blo.
Signed, X company Treasurer, Mr Doe.
Future Contract
The organisation that this contract is for is X person.
It defines that the owner/ holder of this contract shall receive X amount(1 kg, 1 bushel etc.) of X goods/commodities/processed materials on X date, not including cost of delivery.
Signed Mr X, producer of X goods.
Bond
The organisation that this contract is for is X corp.
It defines that the holder of this bond will receive X amount of bitcoins by X date, deposited to their account on the stock market.
Signed X corp CEO.
Any additions or removals or changes are welcome.
Share Certificate
Terms
The organisation that this share is for is X company
It defines that the holder/owner of this certificate owns one share of X company.
This entitles the owner to one vote per share in any resolutions that require shareholder passing, such that a majority of 51% of all shares or more is required to pass a resolution.
This entitles the share owner to a dividend, a payment of a portion of X company's profits, divided equally among all shares, paid at the end of each quarter.
All profits earned by X company will be paid to shareholders as dividends.
And that each quarter the companies accounts must be signed off by an outside accountant, that has the approval of the shareholders.
Signed, X company CEO Mr Blah.
Signed, X company Secretary Mr Blo.
Signed, X company Treasurer, Mr Doe.
Future Contract
The organisation that this contract is for is X person.
It defines that the owner/ holder of this contract shall receive X amount(1 kg, 1 bushel etc.) of X goods/commodities/processed materials on X date, not including cost of delivery.
Signed Mr X, producer of X goods.
Bond
The organisation that this contract is for is X corp.
It defines that the holder of this bond will receive X amount of bitcoins by X date, deposited to their account on the stock market.
Signed X corp CEO.
Jump to: