World Island Kybernetik:About
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Articles of Governance (4718)
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Articles of Governance (4708)
- "A Stock" is an equity share unit which is the value of the income realized over the cost of production in a unit time by WIK divided by the number of contractors involved full-time in that production.
- "A Stock" can only be owned by current full-time contractors who are paid the value of their stock in their local currency at specified increments and unit times in the manner of a dividend.
- The A Stock dividend has a uniform dividend value, the same for every contractor. The ratio of total WIK income times the total number of full-time contractors divided by this dividend equals 1.
- "B Stock" is a vote in corporate decision making and every contributing contractor has at least 1 share and acquires an additional one for each full year of full-time service.
- All decisions are made democratically on the basis of B shares and in principle everyone can exercise their B shares in any decision, but any changes to these rules requires unanimous consent of all and where a vote is impossible, the decision making power reverts to the founding contractor.
- I, the founder and original author of these rules, assign myself 4708 B shares and declare the following additional rules:
- After this B shares will only be awarded as the payment for execution of production tasks contributing to the net income which will also be the units of the WIK determined price/cost of that task.
- At some point in the future when the number of contractors has grown sufficiently, a number greater than 1 will be assigned to the ratio in 3 above. At that time the B Stock dividends will begin to payout the difference in earned income uniformly to each share of B stock.
- Should WIK acquire capital bearing assets these will be owned in common by the holders of A Stock and any capital gains from them will be distributed uniformly to them.
- Exiting contractors whether casual or full-time may retain their voting rights but are cashed out of the WIK economy.
- There will be no board of directors or management structures of any kind except as provided by these rules. Working groups are expected to self organize and there is no distinction except between the founding and other contractors as stipulated in the first 5 articles.
- A non-voting C share type sold publicly, may be introduced later, but the price may not be lower than twice the current A stock dividend at the start of that year. A purchased C Share will have the nature of a bond with a fixed date of maturity equivalent to a struck price which shall not be less than the A Stock dividend for one year and which will be fully amortised when the principal and struck rate of return are paid.
- No other form of equity share, vote, or money, may be created, nor may any person whatsoever incur debt or liability in the name of WIK.
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