THIS IS A REPOST OF GIP 002 DUE TO THE TECHNICAL ISSUES WE HAD OVER THE WEEKEND

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As originally conceived, The LAO provided Members with 1% interests in The LAO in exchange for a contribution of Ether. Each 1% interest represented 100,000 units in the underlying legal entity sitting beneath The LAO and there were 10,000,00 units in The LAO in total.

As of several weeks ago, all current interests in The LAO have been sold. And, there are currently a growing number of people (and entities) that would like to join The LAO as Members.

The following proposal would enable The LAO to accept new Members, if so desired, by authorizing an increase in the number of units in The LAO. This proposal would also authorize the Members to:

(a) determine the appropriate process for admitting new Members or enable existing Members to increase their respective interest in The LAO; and

(b) enable the Members to set a minimum contribution amount.

Votes to admit new members or set minimum contribution amounts would not be based on a majority vote. Rather, like decisions to support projects, these votes would be based on whether there are more “Yes” votes than “No” votes during a given voting period. This process would be facilitated via a separate governance proposal through the dApp.

The full proposal can be found here:

https://docs.google.com/document/d/1LHNGTPOd1pB8gpCa4Gm074Mvi_-oeQTsyWCRJy5pKoY/edit#