Could we please have an overview over:
* # of shares to be sold to the public
* Public shares sold
* # of shares reserved for Tawsix
* Shares already paid for by Tawsix (via 50% margin and/or private money)
* Depts of Tawsix to the company (= number of shares not yet paid * 0.75 BTC)
1. Undecided
2. 1645 as of 6/25/11@23:35 EST
3. Undecided
4. 438
5. Undecided
Update: I just withdrew another 64 BTC from GLBSE from investments, so I'll be ordering another rig tonight! It should arrive shortly after the first rig next week, which will bring us up to 11 rigs!
Also, I have an updated share contract that I would like to vote on. The new contract is identical to the old, except it clears up the language so that you aren't "shareholders" in the company but rather partners in the company (I also removed language concerning officers and such, as this is not a corporation). It also deals with the 51%/50% + 1 issue. Here is the <terms> section:
The holder of this certificate (from here on known as a partner) is a holder of one share of the organisation(named elsewhere in this contract).
That is, the owners of these shares are the owners of the organisation, such that all assets held and profits earned
by the organisation are the property of the partners.
Each share entitles the partner to one vote in motions put forward by the organisation, such that the ownership
of 10 shares entitiles the owner to 10 votes, and so on.
Profits are the income remaining after expenses including operating costs, and research and development of new technologies or services,
and any action that the organisation see's nessecary to take part in.
All profits earned by the organisation will be paid to partners as a dividend, such that these profits will be divided equally among all shares.
Each share entitles the partner to one share of the organisations profits.
The issuer of the shares will reinvest all dividends recieved until such a time that all owned shares are paid for.
In the event of winding up of the organisation and liquidising of it's assets , after the payment of the organisations creditors,
the partners will be paid all remaining liquidity, divided equally among shares, such that one share entitles the partner
to a single share of liquidity.
The decision to wind up the organisation (and therefor liquidate it's assets) requires the approval of at least 50% + 1 of shares in a vote
on the issue in a motion.
A change in the organisations by laws (a link to which can be found elswhere in this contract) requires the approval of at least 50% + 1 of shares
in a vote on the issue in a motion.
Motions can be put forward for voting by 30% or more of shares, and require the vote of 50% + 1 or more ofshares to pass.
No partner is liable for the actions of this organisation. No partner is liable for any debt that this organisation takes on.
The limit of liability of a partner is solely limited to the capital already invested in this organisation when this share was purchased,
and no further.
This doesn't change how the company operates, just clears up some legal loose ends.
In other news, the last difficulty increase has made it very clear the switch to BTCguild needs to be soon, at the very least in order to help curb some variance from being on a < 1 Thash/sec pool. That will be the next project until the new rigs arrive.
Voting is still down, so I may end up reissuing the motion concerning our backup pool if it doesn't come back up by tomorrow.
I'm very excited, our computing power will be in the double digits by this time next week!
