Unincorporated nonprofit associations; decentralized associations provided for
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill establishes a legal framework for ‘decentralized unincorporated nonprofit associations’ (DUNNAs), a new type of organization utilizing digital technologies like blockchain. It defines key terms related to DUNNAs, such as ‘administrator,’ ‘digital asset,’ and ‘distributed ledger technology,’ and outlines provisions for their formation, management, governance, and dissolution. The bill also addresses liability issues and establishes rules regarding profit-making activities and property ownership for these associations.
Bill text
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