After all an item’s ownership tokens have been sold, item re-sale opportunities are considered by the co-owner communuity. Ownership token holders can submit re-sale proposals, purchase offers and auction opportunities through the Snapshot community platform. Proposals are put to a vote which is open only to fractional co-ownership community of the specific asset. Re-sale proposals require a 2/3 majority (67% or more) of owner votes to pass. At least 1/2 (50%) of all owners must vote to reach a quorum.
ⓘ Each owner’s voting power is the same as their total percentage ownership of the asset.
Example: Allan holds 27% ownership interest in an item, so Allan also controls 27% of the vote for the item’s re-sale. Allan proposes to submit the item for sale at an upcoming auction and will need another 40% of co-owners’ interest to join him in order to pass his re-sale proposal.
If co-owners vote to sell an item, and if it does in fact sell, the proceeds (less platform administrative fees based on asset selling price) are divided between the item’s token holders according to their percentage ownership via the token redemption process.
Submitting and voting on re-sale proposals is a community responsibility but DiviD is empowered to cast the “deciding vote” when community voting on a proposal results in a tie. Further, DiviD reserves executive authority to intervene in the voting process when we deem necessary, such as when there is a voting stalemate or in other circumstances which, at the sole discretion of the DiviD team, unreasonably impede the operation of the platform due to the affirmative acts, or inaction, of ownership token holders constituting either an abuse of the proposal and voting system or an inability or refusal to engage in the voting process in good faith, blocking legitimate re-sale proposals from moving forward, and preventing the re-sale of a physical collectible item.