Alabama has granted legal status to a nonprofit organisation with a structure similar to a decentralised autonomous organisation (DAO). Governor Kay Ivey (케이 아이비) signed SB 277, the Decentralized Unincorporated Nonprofit Association Law.
A recent report by The Block said SB 277 includes provisions defining a Decentralized Unincorporated Nonprofit Association (DUNA).
The law sets a framework allowing DUNAs to use blockchain technology and smart contracts to carry out operations and governance, The Block reported. The bill was introduced by Republican state Senator Lance Bell (랜스 벨).
Under the bill, a DUNA consists of at least 100 members who join by mutual agreement. A DUNA can own property and engage in revenue-generating activities. It cannot distribute any profits to its members. Members generally do not bear personal liability for the association’s activities.
The bill takes full effect on Oct. 1.
Chi-gyu Hwang
delight@d-today.co.kr