OLGC are the property of the O Token holders participating within the OLegacy Platform, and as such OLegacy does not have legal ownership of the vaulted OLGCs.
The users’ O Tokens provide them with a contractual right to the corresponding amount of OLGC, for which OLegacy guarantees to hold 100% full reserves of OLGCs. This means that O Tokens will never be sold to a user without the corresponding OLGCs being available.
The only access to the OLGCs is through redemption via the OLegacy Platform. The users’ OLGCs are managed and securely stored by a Vault Company.
Vault Companies provide their professional services to secure the transportation and storage of OLGCs, which are held on behalf of all the O Tokens’ owners.
OLegacy ensures that Vault Company(s) have contracts with third parties in place for the purposes of insurance for OLGCs.
Auditing Firms provide their professional services to audit the stored OLGCs, which are held on behalf of all the O Tokens’ owners.
The users’ O Tokens quantify their interest in the OLGCs stored at the Vault. For every 1,000 O Tokens, there will be one OLGC stored in the Vault.
All OLGCs are 100% insured against theft and damage through a gold insurance contract between the Vault Company and its insurer. Vault Companies are required to ensure that the relevant insurance is with a reputable insurance provider and meets generally accepted bullion industry insurance standards.
Evidence of the insurance is available to view on the OLegacy Platform.
Vault Companies may store OLGCs at vaults in the following locations (subject to change from time to time):
Vault Companies and the location of OLGCs may change from time to time, as well as adding further Vaults and additional Vaulting Companies.
A bailment describes a legal relationship where physical possession of personal property (OLGCs) is transferred from one person (the 'bailor' which is the user) to another person (the 'bailee' which is the operator) who subsequently has possession of the property.