HB 5060
Relating to Decentralized Unincorporated Nonprofit Associations
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the Decentralized Unincorporated Nonprofit Association Act, aiming to recognize decentralized unincorporated nonprofit associations as a legal entity in West Virginia. It outlines key provisions regarding their governance, operations, and liabilities, including definitions of terms like ‘administrator,’ ‘member,’ and ‘distributed ledger technology.’ The act provides a framework for these associations to operate, manage profits, hold property, and address issues like dissolution and member rights, while also incorporating principles related to smart contracts and decentralized governance.
Key provisions
- Defines key terms related to decentralized unincorporated nonprofit associations, such as ‘administrator,’ ‘member,’ and ‘distributed ledger technology.’
- Establishes rules for managing profits and distributing funds from the association.
- Outlines procedures for holding property and assets on behalf of the association.
- Details liability considerations for members, administrators, and the association itself.
- Specifies requirements for appointing an agent to receive service of process.
- Provides a process for member removal and addresses member duties and powers.
- Establishes a right to inspect records maintained by the association.
- Sets forth a termination process, including procedures for mergers and conversion to other entities.
Who is affected
- Individuals seeking to form decentralized unincorporated nonprofit associations.
- West Virginia residents involved in decentralized nonprofit organizations.
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