State of Wyoming was presented with the bill yesterday that wanted to allow corporations to issue blockchain-based tokens that represent stocks.
The bill was sponsored by Representative Olsen and co-sponsored by Rep. Brown, Rep. Hunt, Rep. Lindholm, Rep. Western and Rep. Zwonitzer as well as Senator Driskill and Senator Rothfuss.
The title of the bill reads:
‘A bill for an act relating to corporate shares and distributions; authorizing corporations to issue certificate tokens in lieu of stock certificates as specified; making conforming amendments; and providing for an effective date.’
The bill starts with a journal of all the fintech terms used throughout. It then proceeds to discuss the form and content of certificates.
For instance, the issued certificate must [at minimum] include the name of the person to whom, or in the case of a certificate token, the data address to whom which the token was issued.
Section (g) of the bill states that ‘The articles of incorporation or bylaws of a corporation may specify that all or a portion of the shares of the corporation may be represented by share certificates in the form of certificate tokens.’
If passed, this act is effective July 1, 2019.
Currently, the bill has been assigned a bill number and been dispatched to the central staff office of the Wyoming Legislature (LSO).
Photo by Helloquence on Unsplash
