Section 1 – GST Treasury 

The Foundation Council Members shall create a committee of the GST DAO Foundation Council that shall be known as the GST Treasury.  The GST Treasury shall be made up of at least one person and a maximum of five persons.

Section 2 – GST Treasury Chair

The Treasury Chair shall be a member of the GST Treasury.  

Section 3 – GST Treasury Responsibilities

The primary responsibility of the Treasury Chair is to direct the Token Issuer to mint GST in accordance with the Green Standard monetary system calculation.  

Section 4 – Minting Process 

GST cannot be minted without additional land being added to the DAO Foundation.  Though these actions happen sequentially, first land is officially acquired and then GST is minted, they effectively occur simultaneously for the purposes of GST valuation.  

The cost per token when minting GST must equate to the total appraised value of DAO Land, prior to minting, divided by the number of GST in circulation.  This is the green standard monetary system calculation which must be followed in perpetuity.  

If money is received from the sale or liquidation of DAO Land and such money is not due to creditors of the DAO Foundation (or any DAO Group Entity), and such money is held for the purpose of acquiring more land, the money will also be used in the GST minting calculation in place of the value of that previously held DAO Land.

Except as provided above, Secondary Assets will not be used when determining the minting calculation.

Section 5 – Appointment of the GST Treasury Chair and Treasury Committee Members 

The Operating Company CEO shall have the right to appoint and remove the GST Treasury Chair and members of the Treasury Committee until the conditions of the Constitution Lock have been met.  Once the conditions of the Constitution Lock are met the Foundation Council Members shall have the right to appoint and remove the GST Treasury Chair and members of the Treasury Committee.  GST Holders shall be given notice of the proposed appointment of any Chair of the Treasury and 30 days to enact the Veto Protocol regarding the proposed appointment of any Chair of the Treasury.  Should more than 33.3% of GST Holders veto the appointment of the Chair of the Treasury, this action means the proposed appointment of the Chair of the Treasury shall not take effect.

Any elected Treasury Committee Member shall hold their position for a minimum term of 1-year without removal after which they may be removed by GST Holders.  There is a maximum term limit of 15-years for an elected Foundation Council Member.  

Any Treasury Committee Member shall be automatically removed from their office if there is a Removal Event in respect of that Treasury Committee Member.