Creative Commons (BY NC CA) licence granted by the authors. First published on Sept 15, 2012
Last Modified on August 18, 2014. Please keep us updated if you adopt this model and make improvements.
By Tiberius Brastaviceanu, Bayle add your name here
Only SENSORICA logo is copyright. Content on this document is Creative Commons (BY NC CA)
(the cash infusion case)
this is only a draft that must be translated into legal language
If you contribute to this doc make sure you respect the Content rules
SENSORICA is an OVN
This is an acknowledgement of someone’s donation or investment, a cash infusion in this case, AND an agreement of how this cash will be used.
Investment: deployment of some type of resource with the expectation of some future tangible returns associated directly with this resource..
Donation: deployment of some type of resource with or without any expectation of future tangible rewards associated directly to these resources.
Recipient: is the member/affiliate of the value network who receives the investment, the cash in this case, and promises to use it in the proper way, which is defined in the Agreement.
Investor: a member/affiliate who makes an investment, the cash infusion in this case. If a nonmember makes an investment he/she/it automatically becomes a member.
Donor: a member or nonmember who makes a donation
The purpose of this process is to establish objectively that a contribution event has taken place, a cash infusion in this particular case.
The acknowledgement must establish that
NOTE: Qualifying the sender as an investor requires the sender’s adherence to the value accounting system, which establishes the connection between this investment event and future rewards, clearly stating that the sender understands the value accounting system and its future consequences regarding his investment. The value accounting system is in evolution. The agreement refers to the value accounting system at the time when the agreement is instituted, and allows this contribution to be treated for future projects, using the value accounting system used at that time. The value accounting system evolves as a consensus of the entire community. Changes to the value accounting system are decided ONLY through a democratic process.
NOTE: Someone (member or nonmember of the value network) can make a donation without any expectation of future rewards. In this case the sender is a donor. The donor is not obliged to adhere to the value accounting system. A donation is not an investment. A donor must sign an agreement. The donor has the choice to delegate the decision about how the donation(s) are to be used, or to guide the use.
The process of acknowledging someone’s contribution, in this case a cash infusion, is open and transparent to all members of the value network. The acknowledgement must be communicated through an established channel of communication that is accessible to all members/affiliates of the value network, with no barriers/restrictions. This channel can be a special channel serving this purpose, or another channel. The communication channel must be such that content vehiculated through it is acceptable as proof in a court of law. For example, a Google Group can serve this purpose, because the data is stored by a third party, Google in this case, can be retrieved at a future time, and cannot be manipulated by the members of the value network. Other systems can also be used. P2P systems are preferable.
One member/affiliate of the value network initiates the acknowledgement process by sending a message describing the situations in the greatest detail. This should
Other members that are able to verify the facts MUST reply by acknowledging the facts, explicitly stating that the facts have been verified.
If possible and/or necessary a proof is given (ex. sharing a bank receipt, etc.). Other members can also acknowledge the event. Not all members must acknowledge the event.
On __date__, the SENDER __name of donner/investor__ has contributed:
[ ] donated
[ ] invested
* enter X for the proper case above
the amount of _amount_$.
[ ] SENSORICA
[ ] SENSORICA project named: _project name_
_name of the SENSORICA affiliate handling the money_, a SENSORICA OVN affiliate, has been the RECEIVER of this transaction.
The SENDER’s condition(s) for the use of this contribution:
The total amount of this contribution has been
[ ] Deposited into SENSORICA’s Custodian account
[ ] Transferred to: _enter name/entity_
The agreement establishes how the contribution should be treated/used. The process of resource allocation in a value network is bottom up, i.e. donors or active members/affiliates decide how their resources are to be allocated, used. This means that the donor or investor is the one who decides in which project to allocate the resources, and to what purpose.
NOTE: resources are deployed ONLY if their effect is constructive, they cannot be deployed to stop an initiative, to slow down a project, to destroy other resources, etc.
The agreement should contain
NOTE: The value accounting system is in evolution. The agreement refers to the value accounting system at the time when the agreement is instituted, and allows this contribution to be treated for future projects, using the value accounting system used at that time.
The value accounting system evolves as a consensus of the entire community. Changes to the value accounting system are decided ONLY through a democratic process.
The agreement must be signed by the investor, the recipient and by other members. Not all members need to sign. It can be on physical support (paper) or electronic. The recipient can be the custodian.
enter text here... get some inspiration from our first precedent of cash infusion, see History below
This is based on a case of cash infusion by Bayle on Aug 13, 2012, see official message (only SENSORICA members have access to this message, in our mailing list)
Sensorica should become a UK llp with a partnership agreement that contains the value equation and reference to other legal structures - along with this the is a SENSORICA holdings corp in each relevant jurisdiction (where physical property resides) and a board that manages said property on behalf of the value network. The final piece is a trust whose board is made up of members of the value network. The nondominium agreement applies to all property held by the holding company and binds the trust. This agreement, unlike open source approaches says in effect that no one has exclusive control ownership rights but everyone who is a signatory to the SENSORICA partnership agreement and nondominium agreement has equal access to the assets in the holding corp but agrees to compensate the value network for their use according to the value equation. (Beneficial ownership is driven by the value equation) [See Ishan’s work]