----- Original Message -----
Sent: Thursday, January 18, 2001 12:13
PM
Subject: [nc-budget] DOCUMENTS FROM
OUTSIDE COUNSEL ON LEGAL STRUCTURE FOR DNSO FUNDS
Per our conversation at the last Names Council
Budget Committee teleconference, I am attaching a copy of a proposal for the
creation of a limited liability corporation under US/Delaware laws that has
been developed for our use in this Committee by our outside counsel, Wilmer,
Cutler. Wilmer advises that it would be prudent for us to use such a
corporation as the legal owner of any funds (either voluntary or
regular DNSO budget) that we manage for the DNSO.
Since this represents a significant alternative to
the proposal presented to us by ICANN management and a significant change
(i.e. more expense) from my earlier proposal that we rely on an
unincorporated association to administer these funds, I have asked the
Wilmer partner who has helped us on this matter, Becky Burr, to join us for
the first part of the Budget Committee teleconference later today. I
have asked to to join us so that we can question her about how much it would
cost to establish and operate such a corporation, what legal
benefits it has compared with the earlier model of an unincorporated entity,
and how it would legally compare with the alternative
structures.