Section 1 – Green Standard Token (GST)
GST is a digital token based on blockchain technology.
Section 2 – GST Holders
GST Holders are members of GST DAO. GST Holders shall adhere to the Constitution and have the rights and obligations set out in the Constitution, but are neither owners of the DAO Assets nor members of the DAO Foundation.
No GST Holders shall transact any business in the GST DAO’s (or any GST Group Entities name) or have the power to sign documents for or otherwise bind the GST DAO (or any GST DAO Group Entity) unless specifically authorised by the DAO Administrators.
There is no obligation to provide financial dividends or incremental rewards to GST Holders. However, GST DAO Foundation, GST DAO Group Entities and the GST DAO Operating Company may reward GST Holders at their discretion based on their contribution to this GST DAO (and always subject to compliance with any applicable law or regulation).
Section 3 – GST Holders Central Responsibilities
A central responsibility of GST Holders is to hold the GST Foundation’s Supervisor, the GST Foundation Council members, GST Treasury Committee, the GST DAO Operating Company (inclusive of all GST Group Entities and contracted partners) accountable under the terms of the Constitution. GST Holders have the right to be part of these decision-making protocols that form GST DAO, as set out in this Constitution.
Though not under any obligation to create token utility, it must be considered the collective responsibility of GST Holders to identify and activate opportunities for GST utility (any implementation will always be subject to complying with all applicable laws and regulations).
Section 4 – Off-Chain Operations
GST Holders will be able to post proposals on the GST DAO web application for DAO members to vote on, which can relate to off-chain operations of both the DAO Foundation and GST DAO Operating Company. Such proposals can refer to, but are not limited to the enablement of, or restriction to, any administrative or operational activity of either the Operating Company, GST DAO Foundation or GST Treasury that is in furtherance of the Special Purpose or in breach of the Special Purpose. Any GST holder can put forth a proposal enabling or restricting either a specific one-time action or any form of continuous or procedural actions taken by any off-chain entity or its subsidiaries. The Positive Majority Protocol shall be used in order to raise any issue. In these instances, a simple majority of more than 50% of DAO members who voted; and a minimum of 5% of DAO members are required to vote. The purpose of this protocol is to ensure that the GST DAO Foundation, the GST DAO Group Entities and the GST DAO Operating Company further the Special Purpose or act in accordance with the Special Purpose. Any such proposal shall be considered in good faith by the relevant DAO Administrators.
Any land steward agreements entered into in respect of land being acquired by the GST DAO shall require DAO approval (via Project Raise Protocol).
Any material amendments to existing Land Steward Agreements, as determined by the Operating Company acting reasonably and in good faith,and (ii) will be subject to the Veto Protocol DAO veto in instances where land steward agreements are already in place in respect of existing DAO Land. Using the Veto Protocol, GST Holders can vote to not to implement an amendment to a Land Steward Agreement should more than 33.3% of GST Holders vote to do so. This option must always be available on the GST DAO web application. There will be a 30-day cooling off period before any amendment is implemented. However, if the Operating Company determines, acting reasonably and in good faith, that such material amendment is required in order to comply with any legal or regulatory requirements, the amendment shall not be subject to the Veto Protocol, and the Operating Company shall be permitted to agree the amendment with the Land Steward. The Operating Company shall provide 30 days notice of the amendment to the GST Holders along with the reasonable level of detail explaining why the amendment was required.