Considering that the legal system is currently changing and evolving, Aurora has made several researches with different lawyers in order to provide legal improvements regarding the structuring of its service entities.
The purpose of restructuring the service entities is to:
(i) provide maximum flexibility for Aurora DAO to proceed in whichever direction the governance takes it, while also mitigating risk;
(ii) implement an additional layer of protection for the DAO Council Members and Aurora DAO members; and
(iii) to adjust to the current regulatory environment in Cayman Islands and improve the processes of Aurora Foundation (the entity formed in order to administer Aurora DAO in real life interactions).
In order to put in practice the above, it is proposed that the following elements from the Aurora
Foundation articles of association to be amended:
(i) amending the definition of the DAO Resolution and renaming it as “DAO Recommendation”;
(ii) deleting the requirement that all Ordinary Resolutions or Special Resolutions need to have a DAO Recommendation in order to take effect; in this regard, this change will further decentralize the governance and will offer more protection to the Council since not all resolutions adopted at Foundation level will need to have a DAO Recommendation in place;
(iii) amending the chapter named “Appointment, replacement and removal of supervisors” in order to reflect the fact that the DAO may recommend by way of DAO Recommendation that the directors appoint or remove a person named in such DAO Recommendation as a supervisor of the Aurora Foundation. The main idea is for the Council Members to have more control over the appointment, replacement and removal of the supervisors of the Foundation.