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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 012 : BLOCKCHAIN-BASED LIMITED LIABILITY COMPANIES

(Cite as: 11 V.S.A. § 4175)
  • § 4175. Consensus formation algorithms and governance processes

    In its governance, a BBLLC may:

    (1) adopt any reasonable algorithmic means for accomplishing the consensus process for validating records, as well as requirements, processes, and procedures for conducting operations, or making organizational decisions on the blockchain technology used by the BBLLC; and

    (2) in accordance with any procedure specified pursuant to section 4173 of this title, modify the consensus process, requirements, processes, and procedures, or substitute a new consensus process, requirements, processes, or procedures that comply with the requirements of law and the governance provisions of the BBLLC. (Added 2017, No. 205 (Adj. Sess.), § 7.)