Questions asked by investors

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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.

What are tokens?
The tokens are the administrative registration of ownership of the certificates (depository receipts).
What is a STAK?
STAK stands for STichting AdministratieKantoor. This is similar to a Foundation Trust Office.
Why would I buy tokens of certificates?
The token represents the certificate. Thus, the right on distribution of profits in the form of a dividend exists, but it does not provide any voting rights.
Do my tokens have value?
Yes, the tokens represent the certificates. In principle, these are equally valued as the shares of the underlying Company.
Can I outvote the Board of Directors of the STAK?
If a Token Holder owns between 51% and 75% of the tokens – and thus the certificates – he, in principle, can outvote 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 declare a General Meeting of Shareholders of the STAK?
Yes, that is possible. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Do Token Holders have to approve the financial statements of the underlying Company?
No, this is done by the Board of Directors of the STAK.
Can I request the financial statements of the underlying Company?
The deposited financial statements can be requested at the Chamber of Commerce (KvK) at any time.
Can I request interim financial statements of the underlying Company?
No, the Chairman of the Company is not obliged to provide this to the Token Holder of the certificate. Point of contact is the Board of Directors of the STAK.
Can I outvote the Board of Directors of the underlying Company?
No, a Token Holder of a certificate cannot outvote the Board of Directors of the underlying Company. This right is reserved to the Board of Directors of the STAK.
Can the tokens of my certificates be diluted?
In principle, the Board of Directors of the underlying Company is required to have the approval of the Shareholders Meeting (in this case the Chairman of the STAK) to issue new shares. If the majority of the Board of Directors approves the issuance of new Shares, dilution may occur. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
What happens if the Board of Directors of the Company receives a takeover bid?
In that case, the Chairman of the underlying Company will have to consult the Shareholders, in this case the Board of Directors of the STAK. If the Board of Directors of the STAK vote in favor of the takeover, the proceeds of the shares will be distributed among the Token Holders of the certificates. The Board of Directors is required to have approval of the Token Holders. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can the Board of Directors of the STAK sell the shares of the underlying Company(s)?
In principle not. This is only possible if the majority of the Token Holders that represent the certificates approve. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can I be forced to sell my tokens which represent the certificates?
Yes, this scenario occurs if more than 75% of the tokens which represent the certificates are held by another Token Holder. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Who holds the private key of the tokens?
The BitShares Foundation holds the private key of the tokens.
What is the role of the BitShares Foundation?
The BitShares Foundation holds the private key of the tokens in order to prevent that the Board of Directors of the STAK and/or underlying Company(s) create new tokens which are not backed by actual shares.
I lost the private key of my account. What shall I do?
The BitShares Foundation has the possibility to withdraw your tokens from your account in case the private key is lost. This is only possible for tokens that are not registered in the order book of the blockchain administration.
If somebody has more than 75% of the tokens which represent certificates; do my tokens become worthless?
In principle not. Should this Token Holder who represents a majority of the 75% of the certificates decide to dismiss the Board of Directors of the STAK, and thereby de facto take over the underlying Company, then a protocol will automatically become effective. This protocol will oblige this Token Holder to buy the remaining tokens which represent certificates.
When do I have to accept a takeover bid?
In principle, this can only be enforced if another Token Holder of certificates owns more than 75% of the tokens that are registered on the concerned administration of CompanyLedger. For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Who can create and issue new tokens?
This right is reserved to the BitShares Foundation.
Can I inspect the Trust Conditions of the STAK?
Yes, these can be requested at the Chamber of Commerce (KvK).
Can I inspect the Trust Conditions of the underlying Company?
Yes, these can be requested at the Chamber of Commerce (KvK).
How can I find out who is the current Chairman/Board of Directors of the STAK?
This information can be found in the Trust Conditions of the STAK. These Trust
Conditions can be requested at the Chamber of Commerce (KvK).
How can I find out who is the current Director(s) of the underlying Company(s)?
This information can be found in the Trust Conditions of the underlying Company. These Trust Conditions can be requested at the Chamber of Commerce (KvK).
Can I call the Statutory Director(s) of the underlying Company directly to account?
In principle, this right is reserved to the Shareholders. In this case, the Board of Directors of the STAK.
Is it allowed to administrate tokens of certificates on the Blockchain?
Yes, the goal of a STAK is amongst others the administration of certificates. It is not explicitly specified how it has to be administrated. Since the Blockchain is an administration office without personnel, it is possible to administrate certificates on the Blockchain as long as the owner of the certificates is known.
How can I sell my certificates or tokens?
The selling procedure is described in the Trust Conditions. For your specific situation you can request the Trust Cshare onditions of the STAK in question at the Chamber of Commerce (KvK). In principle, the tokens of the Blockchain administration can be bought by any of the participants on Company Ledger that has completed the Know Your Customer (KYC) procedure.
Is the exit organized?
On the Blockchain there is an order book for every certificate. At any time you can offer your tokens for sale.
Do I have to offer my tokens first to other Token Holders?
For your specific situation you can request the Trust Conditions of the STAK in question at the Chamber of Commerce (KvK).
Can the Tax Authorities see how many tokens I have?
Yes, the Blockchain is a public administration office.
Do I have to report the value of my tokens which represent certificates to the Tax Authorities?
Yes.
Is it possible to see at the Chamber of Commerce (KvK) that I have tokens which represent certificates?
No.
Is it possible to see on the Blockchain that I have tokens that represent certificates?
On the blockchain it is visible which accounts exist. You determine your own account name. If you chose to use an alias, it will in principle not be visible for third parties to see whether you hold tokens that represent certificates. The Board of Directors of the STAK and the Stichting BitShares Foundation have the authority to inspect the KYC to which the registered account names are linked. Upon command of the Authorities they can be forced to disclose.

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