Questions asked by entrepreneurs

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Frequently Asked Questions

In the FAQ of this website you will find the answers to the questions we are asked most often. The information provided in the FAQ might be useful for you, too. That’s why we put it here. Of course, you can also contact us to ask questions or request information. We are glad to help you.

General questions from entrepreneurs

What are tokens?
The tokens are the administrative registration of ownership of the certificates (depository receipts).
I am CEO and major Shareholder. Can I sell tokens of certificates via a STAK and remain in the power of control?
Yes, that is possible if you are a Director of the STAK.
Can I enable my employees to participate in my Company?
Yes, the STAK makes it possible for employees to participate in the company and take a share of the proceeds, without having voting rights or the possibility to declare a General Meeting of Shareholders. This is also possible for small percentages.
Can a Token Holder declare a General Meeting of Shareholders?
In principle not. Only the Board of Directors of the STAK can declare a General Meeting of Shareholders.
What is a STAK?
STAK stands for STichting AdministratieKantoor. This is similar to a Foundation Trust Office.

Questions from Director(s) of the STAK

What am I responsible for?
In the Trust Conditions of the STAK it is specified how many Directors there are and what their respective power of authority is. In principle, the Board of Directors is responsible for the administration of the certificates.
What am I liable for?
The Board of Directors of the STAK are in principle not liable for the behaviors of the STAK as a legal person. Only in case of mismanagement, a Director can be held personally liable. Mismanagement means that the Director in question has intentionally caused destruction or has not fulfilled its obligations as specified in the Trust Conditions.
What powers of authority do I have as a STAK Director?
The Board of Directors of the Foundation is entitled to vote in the General Meeting and decides also how will be voted in the General Meeting. In the Trust Conditions of the underlying Company, it is specified for which decisions approval of the Shareholders is required. For your specific situation you can request the Trust Conditions of the underlying Company in question at the Chamber of Commerce (KvK).
How is a STAK Director appointed?
In the Trust Conditions of the STAK it is specified in what way the Director(s) will be appointed. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
How is a STAK Director dismissed?
In the Trust Conditions of the STAK it is described according to which procedure Directors can be dismissed. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
I want to quit my role as a Board Member; what do I need to do?
This procedure is described in the Trust Conditions of the STAK. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Do I have to publish the financial statements of the underlying Company for the Token Holders?
In principle not. The financial statements of the underlying Company have to be deposited at the Chamber of Commerce (KvK). Interested Token Holders can request the deposited financial statements at the Chamber of Commerce (KvK).
Do I have to publish interim financial statements of the underlying Company to the Token/Certificate Holders?
In principle not. Definitely not without approval of the Director(s) of the underlying Company.
Do I have to know the KYC (Know Your Customer) of the persons who own the tokens of the certificates?
Yes, this is an obligation that results from the Trust Conditions as well as laws and regulations.
What do I have to do in case of a takeover bid on the shares?
First you should inform the Board of Directors of the underlying Company and declare a General Meeting of Shareholders.

What can I do if a Director of the underlying Company is not functioning properly?
In principle, you can declare a General Meeting of Shareholders and suggest to dismiss the Director(s). If the General Meeting of Shareholders vote for it with majority, the new Statutory Director(s) can be appointed. The exact rules are specified in the Trust Conditions of the STAK.
I want to quit my role as a Board Member; what do I need to do?
This procedure is described in the Trust Conditions of the STAK. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can I declare a General Meeting of Shareholders of the underlying Company?
In principle you will have this right as a Shareholder. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can I dismiss the Statutory Directors of the underlying Company?
In principle you will have this right as a Shareholder. For your specific situation you can request the Trust Conditions of the underlying Company in question at the Chamber of Commerce (KvK).
Can the Statutory Directors of the underlying Company accept a takeover bid?
This requires approval of the Board of Directors of the STAK. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can I myself create and issue (new) tokens?
No, as a STAK Director you cannot create and issue (new) tokens. This right is reserved to the BitShares Foundation, and is defined in a separate agreement among the BitShares Foundation and the STAK.

Questions from Director(s) of the underlying Company

By whom can I be dismissed?
The Board of Directors of the STAK can with a majority of the votes of the General Meeting of Shareholders dismiss the Director(s) of the underlying Company.
Which rules do I have to obey to?
The “rules” are specified in the Trust Conditions. Besides that, you have to comply with the laws and regulations that apply to Companies.
If I would be willing to sell the Company; what would be the procedure?
This is described in the Trust Conditions of the underlying Company. For your specific situation you can request the Trust Conditions of the underlying Company in question at the Chamber of Commerce (KvK). These matters are specified in the agreement among the Company and the STAK.
Can I issue new shares?
In principle not. Usually you will need an approval of the Board of Directors of the STAK. These matters are specified in the agreement among the Company and the STAK.
Can I change the Trust Conditions?
This is only possible with approval of the Shareholders. Thus with the (co-)approval of the Board of Directors of the STAK. These matters are specified in the agreement among the Company and the STAK.
Can a Token Holder declare a General Meeting of Shareholders?
In principle not. Only the Board of Directors of the STAK can declare a General Meeting of Shareholders.

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