*This document is a summary of the Charter of the VTBCommunity Foundation that is registered with the Registrar of Foundations in Gibraltar.
PRIVATE FOUNDATIONS ACT 2017
dated the 21 July 2021, amended the 17 December 2021
The name of the Foundation is VTBCommunity Foundation (the “Foundation”).
2.1 There are three Founders.
2.2 The Founders have no reserved powers.
3.1 The purposes (referred to collectively as the “Purpose”) of the Foundation are to:
(i) act as a guarantor of legitimacy, transparency, and continuity of the VTBCommunity project (the “Project”);
(ii) ensure the fulfilment of the Project vision as detailed in the Project Whitepaper (the current version of which can be found at Appendix 1), as amended from time to time;
(iii) contract advisors and employees, and create incentive plans to develop the Project;
(iv) custody and ensure the safekeeping of non-minted tokens relating to the Project;
(v) promote and support, by way of grants or otherwise, all projects that use or are linked to the Project;
(vi) receive and distribute funds and participate strategically in other entities or projects with a view to benefitting the Project directly or indirectly;
(vii) acquire, hold or grant trademarks and other intellectual property rights or licences;
(viii) engage with various businesses, partners, banks, regulators, authorities and other third parties in the best interests of the Project;
(ix) build, inform and educate the Project’s community; and
(x) organise conferences and other events that support and promote the Project.
3.2 The Foundation will be funded from OTC sales of various cryptographic tokens with designated OTC desks. The Foundation will not seek to create revenue from fees, charges, donations or other means.
3.3 The Foundation’s spending policy shall be as follows:
(i) a maximum of 10% (calculated on a yearly basis at the start of each calendar year) of its current assets to be used to cover operation costs; and
(ii) a maximum of 10% (calculated on a yearly basis at the start of each calendar year) will be allocated to promote and support, by way of grants or otherwise, all projects that use or are developed on the Project.
4. CONSTITUTIONAL ASSETS
- The constitutional assets held by the Foundation include:
- 11,000,000 VTBC tokens (EOS-USD);
- Intellectual property of VTBCommunity github repository;
- VTBCommunity smart contracts ETH-USD EOS-USD VTBdex;
- VTB Community website;
- WordPress site;
- Domain: vtbcommunity.org;
- Domain: vtbcommodity.com;
- Branding guidelines;
- Logo; and
- Server access.
5. GOVERNING LAW
The governing law of the Foundation shall be the law of Gibraltar.
Any provision of this Charter may be amended from time to time in such manner as is provided for in the Foundations Rules and such amendment shall conform with all applicable provisions of any enactment to which the Foundation is subject.
7.1 The beneficiary shall be the Project. The Project shall be a disenfranchised beneficiary.
7.2 Other beneficiaries, if any, shall be designated by the Council. Any other beneficiaries of the Foundation so designated shall be disenfranchised beneficiaries.
The Foundation shall be established for an indefinite period.
9. REGISTERED OFFICE
The registered office of the Foundation is 6.20 World Trade Center, 6 Bayside Road, Gibraltar.