Winding Down Kings' Azit DAO

Under what circumstances will Kings' Azit DAO wind down?

Members of Kings' Azit DAO can vote by majority to wind down Kings' Azit DAO. Other circumstances include a judicially ordered dissolution or disposition of all the assets of Kings' Azit DAO.

If dissolution were to occur, a person appointed by the members via a majority vote will handle the wind down of Kings' Azit DAO based on the terms of the operating agreement.

What happens if there are expenses related to the dissolution?

At the time of dissolution, members of Kings' Azit DAO are responsible for the expenses associated with the liquidation.

Any additional losses or liabilities incurred will be in accordance with the terms of the operating agreement and the service provider reserves the right to set aside funds to facilitate dissolution activities.

What happens if members of Kings' Azit DAO want to transfer all of Kings' Azit DAO assets?

In the operating agreement, members agree to tag- and drag-along provisions to deal with the possibility that members may want to transfer all of Kings' Azit DAO assets to another entity or party. These rights will only be triggered if a super-majority of the members vote to effectuate such a transfer.