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Wyoming Statutes Title 17. Corporations, Partnerships and Associations § 17-31-113. Membership and withdrawal of members

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as specified in subsection (d) of this section, a member may only withdraw from a decentralized autonomous organization in accordance with the terms set forth in the articles of organization, the smart contracts or the operating agreement.

(b) A member of a decentralized autonomous organization may not have the organization dissolved for a failure to return the members' contribution to capital.

(c) Unless the organization's articles of organization, smart contracts or operating agreement provide otherwise, a withdrawn member forfeits all membership interests in the decentralized autonomous organization, including any governance or economic rights.

(d) Where the articles of organization, operating agreement and smart contracts for a decentralized autonomous organization do not specify the manner by which a person:

(i) Becomes a member of a decentralized autonomous organization, a person shall be considered a member if the person purchases or otherwise assumes a right of ownership of a membership interest or other property that confers upon the person a voting or economic right within the decentralized autonomous organization;

(ii) Withdraws membership from a decentralized autonomous organization, the person shall cease to be a member if the person transfers, sells or alienates all membership interests or other property that confers upon the person a voting or economic right within the decentralized autonomous organization and retains no further right of ownership therein.

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Cite this article: FindLaw.com - Wyoming Statutes Title 17. Corporations, Partnerships and Associations § 17-31-113. Membership and withdrawal of members - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-17-corporations-partnerships-and-associations/wy-st-sect-17-31-113/

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