Changes in the Budget Automation tool operation
If necessary, Capitaller's operation algorithms allow its participants to change some Budget Automation tool parameters that were set during it creation. Usually, the BA's parameters and mode of operation are changed through a collective decision made by the shareholders through voting.
The main changes that you can make are:
- specifying the BA requisites;
- transferring the BA to the public registry;
- increasing the management fund size;
- changing the scheme of funds distribution;
- changing the BA manager;
- liquidating the BA.
The BA's requisites are its WM ID, the numbers of the receipts purses, as well as the WM ID of the BA Initiator (manager). To change the BA requisites, you must initiate a vote on "Changing the name" in the "Votes" tab in the "Shares" section. The following requisites can be changed:
- full name of the BA;
- abbreviated name of the BA;
- website URL;
The decision to change the BA's name and requisites is made when 75% of the voices are "FOR" with a quorum of over 50%.
"Budget" section, "Requisites" tab¶
On this page, you can view the parameters of the current BA, familiarize yourself with the current Agreement, Charter, and Founding Declaration, and receive the logotype code to place it on the company site. The "Initial management fund size" graph automatically displays the total nominal value of the company's outstanding shares. To change the BA requisites, you must initiate a vote on "Changing the name" in the "Votes" tab" in the "Shares" section. Use the button "Liquidate the BA" in case a decision was made to stop the BA's activity after all of the BA's shares are transferred to its manager (see "Liquidating a BA").
Registration in the public registry¶
During the BA's creation, it is automatically registered in the Budget Automation tool's closed registry, which means information about its operation is accessible only to its founders (participants) and the participants authorized by them.
However, information about the BA's operation can become accessible to all WMT participants. If the size of the management fund is at least 20000 WMZ and its monthly revenue exceeds 20000 WMZ, then the BA can be included into the public registry. This will make the following information available:
- the BA requisites;
- reports about the transfer of funds on the BA purses,
- information about paid dividends;
- information about posted sale and purchase orders for the BA shares.
In addition, any WMT participant can become an owner of the BA shares by buying the shares offered to him. In this case he has a chance to influence the collective decisions made in the BA by participating in votes. The functions of purchasing, selling, and voting are available to participants on the Shareholder service.
To include the BA in the public registry, put a checkmark in the field "Registered in the public registry", which is located on the "Shares"-"Votes" and "Shares"-"Dividends" pages.
For the BA to appear in the public registry permanently, the following conditions must be met:
- the size of the management fund must be equal to at least 20000 WMZ;
- the monthly revenue, estimated based on the five most recent weekly reports on BA receipts purses, must exceed 1/12 of the management fund;
- the BA site must be have a second-level domain;
- the code of the "Managed by Capitaller" logotype, which can be obtained on the "Budget"-"Requisites" page, must be correctly placed on the BA site;
- the BA is not being used in the interests of a legal person;
- there are no objections from the service administrator, which may arise based on checking the correspondence of the BA's declared goals upon registering to its actual activity.
If these conditions are not met, meaning that the receipts purses received less than the specified amount over the last month and/or the logotype code does not correspond to the code suggested by Capitaller, then the BA is excluded from the public registry. Verification of whether the BA meets the conditions for being included in the public registry is carried out daily.
A BA that belongs to a legal person cannot be in the public registry.
Increasing the management fund¶
The process of increasing the management fund is initiated after a positive decision is reached in a vote held on "Increasing the management fund". To begin this procedure, the manager must collect an amount equal to the current management fund size on MF purses. When initiating a vote, specify the proportion by which the management fund must be increased. Only whole numbers are allowed, for example - by 2 times. The decision is made when 75% of the voices are "FOR" with a quorum of over 50%.
If a positive decision is made by all shareholders (with the exception of the BA itself), offers to redeem the proportional number of shares at nominal value are automatically generated. The validity period of the offers is 30 days. During this period, all operations with shares are halted and all BA funds are blocked. When this period ends, the orders posted for the shareholders are removed and the unredeemed shares are liquidated. In this case the size of the MF is reduced by the amount of unredeemed shares.
Changing the scheme of receipts distribution¶
The procedure for changing the scheme of receipts distribution can be initiated by any shareholder of the management fund. Every vote is held for one of the receipts purses. The new scheme of funds distribution is affirmed when 75% of the voices are "FOR" with a quorum of over 50%, and becomes valid the moment the decision is made.
Changing the manager¶
The vote on appointing a new manager can be initiated by any shareholder of the management fund. The decision is made when 75% of the voices are "FOR" with a quorum of over 50%.
In cases where changing the manager of a legal body's Budget Automation tool cannot be carried out through a vote by the Budget Automation tool shareholders , the new BA manager will have to contact the arbitration service to file a Litigation of rights to own a WM-ID claim.
A Budget Automation tool can be liquidated by its shareholders by transferring all of the management shares to one of the participants who has a Personal passport. Then this participant can add the BA WMID to his passport, having agreed to carry responsibility for all BA obligations. This procedure is available in the "Requisites" tab of the "Budget" section. To do this, after meeting the above conditions, press the "BA Liquidation" link and then, on the page that opens, press "Liquidate the Budget Automation tool".
Before liquidating a BA, we recommend withdrawing funds from it because afterwards, if you wish to obtain access to it, you will have to go through the procedure of restoring control of the WM ID, which requires time and efforts.
After BA Liquidation you can manege this wmid only with WM Keeper WinPro (Classic).
See also: Service description