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ACF Bylaws

Wed, Sep 5, 2018 12:00 AM | 0

BYLAWS OF

ARK COMMUNITY FUND

ARTICLE I — NAME AND PURPOSE

Section 1 — Name: The name of the organization shall be ARK COMMUNITY FUND. It shall be a nonprofit organization.

Section 2 — Purpose: ARK COMMUNITY FUND is organized exclusively for the benefit of the global ARK community.  The ARK COMMUNITY FUND is a vital part of the ARK ecosystem, promoting brand awareness and ecosystem expanding projects to build a brighter future for the entire community. In recognition of the trust the community has placed in us, we strive to spend all ARK COMMUNITY FUND funds efficiently in service of that goal.

ARTICLE II — MEMBERSHIP

Section 1 — Eligibility for membership: Application for voting membership shall be open to any ARK community member with a valid wallet address and is willing to abide by CODE OF CONDUCTION outlined in Article V.  Membership is granted after successful election via the bi-annual ARK COMMUNITY FUND elections with results from arkcommunity.fund/elections being the official tally as of the end date/time of the election.

Section 2 — Resignation: Any member may resign by filing a written resignation in the private board discussion channel of the official ARK COMMUNITY FUND Slack.

Section 3 — Termination: If a board member or members are consistently late or absent to vote, unresponsive to messages/voting for over 15 days then they may be subject, upon agreement by ACTIVE board members, to be removed from the board and the community member who was next in line by vote count from the last election period would take their place.

The following steps must be taken before a board member is removed.

1) The board member must meet one of the following criteria to be eligible for removal and replacement.

a. Did not disclose Conflict of Interest (COI) as outlined Article VII in a proposal/bounty, themselves of friends/family monetarily gained from their position in the ACF.

b. Used pseudonyms to make a proposal or claim a bounty and receive monetary gain from their position in the ACF.

c. Is inactive for more than 15 days (no response to any contact on ACF platforms)

2) Upon meeting criteria one, the board takes a vote to proceed with removal, simple majority is enough to move forward with removal proceedings.

3) The Board attempts to contact board member via email and/or slack to notify them of the proceedings to remove them from the board and allow them to respond.

4) Member(s) who is/are under removal proceedings have 7 Calendar days to respond from the official notifications via mediums mentioned in Section 3 (3).

5) Upon failure to respond and/or insufficient defense of their lack of participation the board will take a final vote for permanent removal from the current ARK COMMUNITY FUND board.

6) Final vote of removal must be a majority of active board members and 1 of 2 advisory board members (3+1).

7) If removal is approved, the board has 48 hours to notify the candidate who was closest in total votes in the previous election that they are eligible for board membership. If said candidate does not respond in 5 business days or rejects the offer the next closest candidate is contacted until a viable replacement is found.

Section 4 — Participation: Election to the board is a position that requires discipline and dedication as representatives of the community.  ARK COMMUNITY board members are expected to remain up to date with all proposals, bounties and internal ARK COMMUNITY board discussions.

ARTICLE III — MEETINGS OF MEMBERS

Section 1 — Voting meetings: From time to time votes will be called in the Slack #voting channel. Board members are expected to vote or abstain within 24 hours. Extra voting time may be given by the member calling the vote for holidays.

Section 2— Escrow Voting meetings: Upon approval of the project and/or meeting of milestone ALL “yea” voting board members, go to the “escrow-request” channel within the ARK COMMUNITY FUND and give an approval for release of funds to requestor. There will be differences within each proposal/bounty as to the funds release time, however in the interest of maintaining a professional appearance board  member’s MUST ensure that payment upon meeting of agreed upon milestone in the proposal/bounty framework is done in a fast and efficient manner. The ARK COMMUNITY FUND expects those we fund to meet agreed upon timelines and milestones and we should be held to the same standards

ARTICLE IV — BOARD MEMBERS

Section 1 — Board role, size, and compensation: The board is responsible for overall policy and direction of the association, and delegates responsibility of day-to-day operations to the staff and committees. The board shall consist of 5 total active members with 2 non-voting "advisory members".  The board receives no compensation for time, effort or personal expenses used in connection with membership in the ARK COMMUNITY FUND.

Section 2 — Terms: All board members shall serve one six month term, but are eligible for re-election for up to five consecutive terms.

Section 3 — Board elections: New members shall be elected or re-elected by the voting representatives by members of the ARK community via bi-annual elections held via arkcommunity.fund/elections.

Section 4 — Officers and Duties: There shall be one officer of the board, consisting secretary and treasurer. Their duties are as follows:

The secretary shall be responsible for ensuring members of the ARK COMMUNITY FUND meet required deadlines and follow bylaws set forth in this document.  The secretary shall remind tardy board members to vote for proposals and/or escrow release.

ARTICLE V — CODE OF CONDUCT

It is imperative that members of the board who's actions reflect upon ARK COMMUNITY FUND as an institution, at all times remain objective, impartial and most of all ethical in their actions while serving as a member of the board.

Section 1 — Conflict of Interest (COI):

1) Board members cannot submit proposals or claim bounties as board members during their tenure unless they meet the following criteria.

a) It is a vital and/or time sensitive project to the ARK COMMUNITY FUND or the ARK ecosystem.  

b) There is no other member of the community who can (or is willing to) accomplish the proposal. Attempts to find another candidate to complete the project must be made prior.

c) All four remaining board members and 2 advisory members must agree

d) The board must present the scenario to the ARK COMMUNITY via ACF social media sites and allow 5 business days for public comment to be taken into account. Any legitimate negative comments must be weighed heavily against the decision to allow it. Community trust in the ACF is paramount.

e) If all previous criteria is met then the board member CANNOT make a profit on the proposal/bounty this includes “Time” and "Labor" as an expense. The board member can only charge for actual 3rd party overhead costs. None of the cost can be in any way associated with monetary gain by the board member and ALL costs must be accounted for via receipts presented to the board before any release of funds.

2) In the case of proposals by friends/family/co-workers/former colleagues, etc. of a board member the board member must notify the board of the conflict of interest and recuse themselves from voting on project to avoid any charge of impropriety by the ARK community, who’s funds we are entrusted with. However, given the close-knit nature of the ARK community, there will arise times when a majority of board members may have COI in terms of a proposal and there are not enough board members without a COI to approve or reject a proposal the proposal will be automatically be rejected.

ARTICLE VII — AMENDMENTS

Section 1 — Amendments: These bylaws may be amended when necessary only by unanimous decision of the ARK COMMUNITY FUND board.

CERTIFICATION

These bylaws were approved at a meeting of the ARK COMMUNITY FUND board by unanimous majority vote on August 20, 2018.

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