Quote from: Deprived on October 07, 2012, 07:39:56 AM

I believe Theymos said that shutting down GLBSE was against the bylaws. If so, then it would be ridiculous to claim he was breaking the bylaws by not sending the funds - when he knew that if he sent them they were going to be USED as part of breaking the bylaws.

It would be totally hypocritical for nefario to break the bylaws himself then whine about someone else doing it.

I don't think you can draft legally valid by-laws which prohibit an entity being shut down by its operators without creating perpetual trusts (and many jurisdictions don't allow the creation of perpetual trusts). The foundation documents usually state what is to happen to any assets of an entity in the event it is ceases operating (in for profit enterprises, any excess is usually distributed to the shareholders after all required payments have been made - in non-profits, any excess is usually donated to another non-profit with similar objectives). By-laws are only valid to the extent that they don't conflict with the actual law, though.