PeerAssets allow creation of decks that can be used to create Decentralized Autonomous Companies (DACs). Let’s say that there is DAC and deck is created to identify it’s owners and their share of ownership (number of cards). I’m puzzled with the concept that how these cards allow owners to ultimately control and govern DAC.
PeerAssets has ability to record votes from card owners and therefore poll for the owners will. Usually this means that owners will vote on composition of the board, which on behalf of the owners makes sure that company operates to fulfill its purpose.
What I couldn’t figure out, was that since owners of DAC don’t have any means of controlling operative assets of DAC, how can they make sure that Board and rest of DAC operates as they vote? Is honesty and respect for deck votes only thing that stops operative personnel of DAC taking invested capital, intellectual property and other assets and moving to Bahamas, for example. For ordinary company, shareholder’s have laws that are enforced by governments to protect them in this scenario, but I guess DAC is quite uncharted territory in this perspective. After all, they might not be registered anywhere beside in specific blockchain. I wasn’t able to find any precedence on the case.
I would appreciate if somebody can enlighten me on this.