----- Original Message -----
Sent: Thursday, January 18, 2001 12:13
PM
Subject: [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.