[nc-budget] DOCUMENTS FROM OUTSIDE COUNSEL ON LEGAL STRUCTURE FOR DNSO FUNDS
Per
our conversation at the last Names Council Budget Committee teleconference, I am
attaching a copy of a proposal for the creation of a limited liability
corporation under US/Delaware laws that has been developed for our use in this
Committee by our outside counsel, Wilmer, Cutler. Wilmer advises that it
would be prudent for us to use such a corporation as the legal owner of any
funds (either voluntary or regular DNSO budget) that we manage for the
DNSO.
Since
this represents a significant alternative to the proposal presented to us by
ICANN management and a significant change (i.e. more expense) from my earlier
proposal that we rely on an unincorporated association to administer these
funds, I have asked the Wilmer partner who has helped us on this matter, Becky
Burr, to join us for the first part of the Budget Committee teleconference later
today. I have asked to to join us so that we can question her about how
much it would cost to establish and operate such a corporation, what
legal benefits it has compared with the earlier model of an unincorporated
entity, and how it would legally compare with the alternative
structures.
|