Operations & Legal Fund Policy.

Last Updated: June 2022

Purpose. This policy applies to the utilization of the Operations and Legal Fund (“Fund”) for the purpose of any actions taken for WACEO Initiative (“WACEO”) with regards to legal, compliance and operations. The rules established in this Policy shall be legally binding on all individuals and organizations to which this Policy applies.

Scope. This policy is part of the WACEO Governance Framework and is applicable to the Initiative and its Contributors.

Utilization of Funds. The funds shall be utilized for the day-to-day operations, and management of the project in terms of legal, operational and compliance requirements. The activities for utilization of the Fund include, but are not limited to: Building a framework for the compliant structuring; Operational activities; Marketing activities; Subscriptions deemed necessary for the operations or compliance; Hiring third-party service providers. Additionally, the Fund may also be used for other initiatives, including but not limited to UnRekt and the Special Initiatives. The use of the Fund shall be available to the Community on WACEO’s social platforms and the blockchain explorer platform.

Management of Funds. The funds shall be under supervision of WACEO AISBL as the legal representative of WACEO.

Custodian’s Responsibilities. The Custodian must abide by the rules of this Policy and the Private Keys and Password Management Policy. The Custodian is expected to use their reasonable and critical thinking for taking the appropriate security measures to protect the Fund. The Custodian shall not use the fund for any purpose other than that specified in this Policy.

Governing Law. This Policy is subject to the Law of Belgium. In the case of infringement of any of the above clauses, the ordinary courts of Brussels will have exclusive jurisdiction to rule on any litigation which may come up in the implementation and/or the interpretation of the present Policy.

Final Provisions. All changes to this Policy shall be recorded in writing and become a part of this agreement. The changes shall be made transparent and available to the community members. A notification shall be sent to communicate any significant changes to the policy.