Quote from: The_Duke on October 02, 2012, 08:34:25 PM

Some things in the bylaws I would like to have some explanation on, mainly because my native language is not english and I might have misunderstood its meaning and because I'm not a lawyer:

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Section 5.13 Indemnity: The Corporation shall indemnify its directors to the fullest extent allowed by sections 29-406.51 and 29-406.52 of the District of Columbia Official Code, or any corresponding section(s) of any future official District of Columbia code.

Does that mean (translated by me) that if any of the director screw something up that would lead to costs, the corporation (why is it called the corporation and not the foundation? I assume that has to do with the legal status of a foundation?) will pay for it?
Does that include stuff they do with their private companies (Mt.Gox, Bitinstant, etc)? If not, then what does it mean?

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(a) Conflict of Interest. As used herein this Section 5.15, a "conflict of interest transaction" is a transaction with the Corporation in which a director of the Corporation has a direct or indirect interest. An indirect interest exists where: (i) another entity in which the director has a material interest, or in which the director is a general partner, is a party to the transaction; or (ii) if another entity of which the director is a director, officer, or trustee is a party to the transaction and the transaction is or should be considered by the Corporation's Board of Directors.

Does this "transaction" only refer to money? Because if it doesn't, I can't see how this doesn't conflict with devs, and MtGox or bitinstant people being directors.

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One person may hold multiple offices.

Sorry... what? Why the hell is that in there? So theoretically we might end up with one dictator taking all seats?

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The Chairman of the Board shall serve as an ex-officio voting member of all committees, and shall have such other powers and duties as may be designated by the Board from time to time.

What does that mean? Sounds like the board can give the chairman additional powers? What would those be for example?

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Section 8.8 Political Activities: The Corporation shall not make any political expenditure or lobbying expenditure that will result in the loss of, or otherwise adversely affect, its status as a tax-exempt organization under the Internal Revenue Code.

Why is that? What if bitcoin needs such an expenditure?

Yup, I reviewed them and was in the meetings when it was put together but Im not in a position to answer these since I dont know why some of it was included.

I've asked Patrick to look at this thread so he can provide his input ASAP for you!

Quote from: Come-from-Beyond on October 02, 2012, 08:30:38 PM

Quote from: Yankee (BitInstant) on October 02, 2012, 07:18:59 PM

MtGox and BitInstant are not the only industry members, there are many more.

Can I ask why you want to know specifically?

If I got the situation correctly...

Quote from: kjj on September 28, 2012, 04:00:22 PM

The board has two "industry member" representatives, and two " individual member" representatives. The seats are elected by members from the class that they represent.

...directors are elected by Foundation members. And only a member can be elected. If MtGox or BitInstant did not pay membership fee, then they can't be members and can't be elected. So I'd like to verify it. I have nothing against BitInstant, used their service a lot of times without any problems. But I do not want to see MtGox involved into anything related to Bitcoin regulation.

Of course, understandable.

I'll talk to Peter and get this information to you asap.