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The proposed baseline is one participation class per project. Each eligible unit in that class receives the same proportion of cash allocated to the class after the project’s stated payment order.
This is a claim under project terms, not a fixed cash balance payable on demand, a guaranteed return, equity in theSite, or title to an apartment. The terms must specify the legal issuer, class, eligible supply, record date, transfer rules, and how claims are enforced. Disclose authorized, issued, outstanding, escrowed, and satisfied units separately. Unissued tokens do not automatically earn proceeds. Tokens in an issuer reserve or a market pool need an explicit economic owner and distribution treatment. Otherwise a technical inventory can quietly dilute holders or collect a payout that was intended for investors. An ordinary permitted transfer passes the remaining economic claim to the buyer. If a distribution was already detached at a record date, the transfer quote must make that clear. Earlier purchasers may receive more units for the same capital only if that allocation and its dilution are disclosed.