our statutes
Last Updated on February 23, 2018
Authorised person Vytautas Kašėta
1. General provisions
1.1. Crypto Economy Organization (hereinafter referred to as Association) is a legal person of limited civil liability, a non-governmental organization founded in accordance with the Law on Associations of the Republic of Lithuania and other laws applicable in jurisdiction of the Republic of Lithuania. The aim of the Association is to represent interests of the members and satisfy public interests through activity of public benefit.
1.2. Association operates in accordance with the Constitution of the Republic of Lithuania and other laws applicable in the jurisdiction of the Republic of Lithuania as well as in accordance with this Statute and its internal regulations.
1.3. Legal form is association.
1.4. The financial year of the Association is the calendar year.
1.5. The Association may have a stamp.
2. Goals, areas and types of activity of the Association
2.1. The goals of Association to:
2.1.1. unite all stakeholders of crypto ecosystem and other persons, supporting the development of crypto economy;
2.1.2. represent social, legal and economic interests and responsibilities of the entire crypto ecosystem stakeholders on interinstitutional, national and international levels.
2.1.3. create and support friendly environment for crypto ecosystem development in close collaboration with other existing economic ecosystems;
2.1.4. promote crypto economy in the society and encourage permanent professional development of the members of Association.
2.2. When aiming for its goals the Association (fields and types of activity):
2.2.1. is actively involved in creating and developing a friendly business environment and social relationships of the trustworthy crypto ecosystem participants;
2.2.2. is collaborating with regulating institutions and policy makers in order to achieve effective and competitive crypto ecosystem regulation;
2.2.4. is providing recommendations to crypto ecosystem participants in relation to business, law, finance, education and other activities;
2.2.3. is promoting the introduction, integration, development and usage of blockchain and other distributed ledger technologies;
2.2.5. is identifying, developing and promoting cooperation and mutual trust between the participants of the crypto ecosystem and governmental or international institutions.
2.2.6. is promoting and developing cooperation on national and international levels;
2.2.7. is shaping and developing ethical norms of the crypto ecosystem participants and projects crowdfunding activities and is fostering compliance with the ethical code of conduct;
2.2.8. is encouraging and contributing towards the creation of, and the integration of science technologies and innovations of peer-to-peer settlement, accounting, data processing, social media and other areas;
2.2.9. is promoting, organizing, contributing to organizing events or other activities to introduce crypto ecosystem technologies and their capabilities to the society;
2.2.10. releases publications and books;
2.2.11. advices and renders other services to its members and other individuals;
2.2.12. is conducting other lawful activities which are non-conflicting to these statutes and existing laws.
2.3. Association may receive contributions (charity).
3. Rights and obligations of members of Association
3.1. Lithuanian and foreign physical and legal persons may be members of the Association.
3.2. Rights of the member of the Association:
3.2.1. Participate in the activities of the Association, access documents of the Association and obtain information on its activities;
3.2.2. Propose suggestions, express opinion on the Association;
3.2.4. Resign from the Association at any time.
3.2.3. Participate and vote in general meetings of members;
3.3. Obligations of the member of the Association:
3.3.1. Participate in the activities of Association;
3.3.2. Exercise decisions of general meetings of members and governing bodies;
3.3.4. Obey and promote the good practice principals, ethical code of conduct and the standards of professional activities of the members of the Association.
3.3.3. Timely pay membership fee.
3.4. Person willing to become member of Association shall submit request.
3.5. Membership shall be lost:
3.5.1. by submission of the request to Executive Director;
3.5.2. failure to pay membership fee on time;
3.5.3. in case of breach of Statutes, also in case when member‘s and Association’s values differ – by the decision of the Board.
4. Bodies of
the Association
4.1. Bodies of the Association are the following:
4.1.1. General Meeting of Members (hereinafter referred to as General Meeting);
4.1.2. Collegial governing body is the Board;
4.1.3. Sole executive body is Executive Director.
5. Meeting of members
5.1. General Meeting of members is the supreme body of the Association.
5.2. The General Meeting of members shall:
5.2.1. Amend the Statute;
5.2.2. Decide on reorganization or liquidation of the Association and establish the process thereof;
5.2.4. Elect the Board members;
5.2.5. Approve annual activity report;
5.2.3. Decide on the number of Board members;
5.2.6. Approve annual financial statements;
5.2.7. Take decisions regarding other matters assigned to the competence of the General Meeting by the Law on Associations and other laws of the Republic of Lithuania.
5.4. General Meeting of members takes place at least once a year. The ordinary General Meeting of members shall be convened within 4 months after the end of the financial year of the Association. The Executive Director is responsible for the convocation of the General Meeting of members. Members shall be informed about the time, date, location and agenda of the General Meeting at least 5 days in advance in the order set by the Board.
5.3. Association members at the General Meeting of members shall have 1 vote each. Procedure of allocating additional votes might be foreseen in Regulations on the General Meeting of members.
5.5. General Meeting of members may be initiated by 1/3 of all members or the Board.
5.6. If Executive Director is not a member, Executive Director may participate in the General Meeting of members without the right to vote.
5.7. Decisions of the General Meeting of members are adopted if at least 1/2 of members participate in the Meeting.
5.8. If the quorum has not been met in the General Meeting of the members, a repeated General Meeting of the members shall be convened not earlier than after 1 hour. Repeated General Meeting of the members may take decisions on the issues that were on the agenda of the meeting which was not held, regardless of how many members are present.
5.9. Decisions on 5.2.1 and 5.2.2 are adopted if at least 2/3 of participating members at the General Meeting of members support the decision.
5.10. The members may vote in General meeting of members electronically. The voting rules, including elections and electronic voting, other organizational issues of General Meeting of members shall be set in the Regulations of Association, adopted by the Board.
6. Collegial governing
body –the Board
6.1. The Board of the Association is a collegial governing body.
6.4. The General Meeting of members shall:
6.4.1. Prepare strategy of the Association;
6.4.2. Appoint and call off Executive Director;
6.4.3. Elect President and vice-presidents;
6.4.4. Change the address of the Association;
6.4.5. Approve the Regulations of Association;
6.4.6. Make decisions on establishing other legal persons or becoming member of other legal persons;
6.4.7. Accept and expel members;
6.4.8. Represent Association;
6.4.9. Executes other functions of the Board.
6.5. The work of the Board shall be organized by Chairman of the Board – the President, who is elected from among members of the Board.
6.7. A Board member may decide to resign before the end of her term.
6.8. The Board shall make decisions when at least one-half of the Board members are present. The decisions shall be taken by a simple majority of the Board members present.
6.9. The Board members may vote electronically. Voting rules, including elections and electronic voting, requirements for the positions of President and Vice-presidents, other organizational issues of the Board shall be set in the Regulations of Association, adopted by the Board. The Regulations of Association also set which deals shall be concluded by Executive Director individually, which can be concluded with the permission of the Board, and which can be concluded by the Board.
6.6. The President is assisted by vice-chairs of the Board – Vice-presidents, who are elected from among members of the Board.
7. Sole executive governing body – Executive Director
7.1. Executive Director is a sole executive body of the Association, who conducts day to day operations of the Association in accordance with the goals established in this Statute and internal documents as well as represents the Association externally.
7.2. Executive Director shall be appointed and dismissed by the Board.
7.3. Executive Director carries his duties in accordance with existing laws, this Statute, and decisions of the General Meeting of members and the Board.
7.4. Executive Director shall:
7.4.1. Administrate activities of the Association;
7.4.2. Represent Association in relations with third parties;
7.4.4. Draft the annual financial statements and the activity report and presents them to the members;
7.4.7. Register members of the Association;
7.4.5. Submit necessary documentation and data of the Association to the Register of Legal Entities;
7.4.3. Implement the decisions of the General Meeting of members and Board;