#steemsaturday | Steem Power Investments - Review of Draft Partnership Agreement and Rules

Steem Power Investments

The idea behind Steem Power Investments (SPInvest, account: Hive account@spinvest) is that all Steem investments by investors are powered up and leased for at least 20% APR; the income derived from leasing Steem Power is reinvested in more leases or in off-chain investments, for example, other crypto-currencies like Bitcoin and precious metals. At regular intervals, the total holdings are re-evaluated and the token - SPI - is re-valued. Investors can either sell back their tokens to SPInvest or trade them through Steem-Engine.

Draft Partnership Agreement and Club Rules

Two weeks ago, Hive account@spinvest published a draft partnership agreement and club rules for establishing Steem Power Investments (SPInvest) as an investment club. You can read the original draft in this post. This post contains my feedback. I've put suggested wording that can just be copied and pasted into the original draft.

General Comments on the Draft Partnership Agreement and Club Rules

These are comprehensive documents. They cover two time periods: the first stage when SPI tokens are being issued from the Hive account@spinvest account (the ICO stage) and the second, later stage, when all the tokens have been issued (SPInvest has a limited issue of one million SPI coins).

General suggestions:

• that references to 90 days, 91 days and 3 months all become 91 days.

Detailed Comments on the Partnership Agreement

PARTNERSHIP AGREEMENT of the SteemPower Investments Investment Club ("The Club"). This agreement is made on the 31st day of August in the year of 2019 between the undersigned people as members for the purpose of joint investment in Hive account@spinvest including stocks, shares, cryptos, securities and precious metals for mutual benefit and interest.

Suggested wording:
PARTNERSHIP AGREEMENT ("The Agreement") of the Steem Power Investments ("SPInvest") Investment Club. This agreement is made on the 31st day of August in the year of 2019 between the Steem accounts named below as members for the purpose of joint investment in SPInvest including stocks, shares, cryptos, securities and precious metals for mutual benefit and interest.

9.At each annual general meeting, the members shall review and elect/amend new project structure format.

Suggested wording:
At each annual general meeting, members:

• shall receive the annual report and accounts.
• may agree future plans for the Club.
• may agree changes to the Agreement or the Rules.
• may appoint trustees and officers, as required by the Club.

11.The club’s investments shall be held by a list of trustees, of whom there shall be at least two, who will sign a Declaration of Trust to be recorded on the STEEM blockchain.

Suggested wording:

1. After the ICO stage is completed, The club’s investments shall be held by a list of trustees, of whom there shall be at least two, who will sign a Declaration of Trust to be recorded on the STEEM blockchain.

14.A member shall be expelled if ALL other members present at a properly constituted meeting of the club support a resolution to that effect. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned within 91 days/13 weeks.

Comment:
This is contradicted by Rule 7d.

Suggested wording for the Partnership Agreement:
*A member shall be expelled by a resolution to that effect as set out in the Rules. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned within 91 days as set out in the Rules.

Detailed Comments on the Rules

10.Club meeting will take place on discord every 13 weeks with the first taking place on the 5th October 2019. The first annual meeting will take place within 15 months of this agreement being uploaded. Members are entitled to attend all meetings and vote on all matters.

Suggested wording:
10.Club meetings will take place on discord every 13 weeks with the first taking place on the 5th October 2019. The first annual meeting will take place within 15 months of the inauguration of this Agreement. Members are entitled to attend all meetings and to vote on all matters. A minimum of seven days notice, together with an agenda, will be given for Club, annual and general meetings from the Hive account@spinvest account.

11.The voting system is weighted
a. Any member must hold at least 10 SPI tokens to gain voting rights
b. 10-99 SPI's will earn a vote equal to 1
c .100-499 SPI's will earn a vote equal to 5
d. 500-999 SPI will earn a vote equal to 10
e. 1000-2499 SPI's will earn a vote equal to 20
d. 2500+ SPI's will earn a vote equal to 25

Suggested wording:
11.The voting system is weighted
a. Any member must hold at least 10 SPI tokens to gain voting rights
b. 10-99 SPI's will earn a vote equal to 1
c .100-499 SPI's will earn a vote equal to 2
d. 500-999 SPI will earn a vote equal to 3
e. 1000-2499 SPI's will earn a vote equal to 4
d. 2500+ SPI's will earn a vote equal to 5

Conclusion

These are comprehensive documents which cover the main issues that are likely to arise - great job Hive account@silverstackeruk, who did all the hard graft!