@ottochain/sdk 2.2.5 → 2.4.0

package/dist/cjs/apps/corporate/state-machines/corp-securities.js

@@ -2,6 +2,8 @@
 Object.defineProperty(exports, "__esModule", { value: true });
 exports.corpSecuritiesDef = void 0;
 const fiber_app_js_1 = require("../../../schema/fiber-app.js");
+const guards_js_1 = require("../../../schema/guards.js");
+const effects_js_1 = require("../../../schema/effects.js");
 /**
  * Securities state machine tracking the lifecycle of equity from authorization through issuance, transfer, and retirement.
  * Manages stock certificates, book entry positions, and restricted securities.
@@ -35,6 +37,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
         required: [
             "securityId",
             "entityId",
+            "issuerAddress",
             "shareClass",
             "shareClassName",
             "shareCount",
@@ -51,6 +54,11 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 description: "Reference to parent corporate-entity",
                 immutable: true,
             },
+            issuerAddress: {
+                type: "address",
+                description: "State-pinned DAG address of the issuing authority (the corporation / transfer agent). Verified against proofs[].address to gate issuer-privileged transitions.",
+                immutable: true,
+            },
             shareClass: {
                 type: "string",
                 description: "Share class ID from corporate-entity",
@@ -73,6 +81,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
         properties: {
             securityId: { type: "string", immutable: true },
             entityId: { type: "string", immutable: true },
+            issuerAddress: { type: "address", immutable: true },
             shareClass: { type: "string" },
             shareClassName: { type: "string" },
             certificateNumber: {
@@ -145,6 +154,15 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
             },
             createdAt: { type: "timestamp", computed: true },
             updatedAt: { type: "timestamp", computed: true },
+            // Two-phase resolution gating (#24): each propose_<X> binds the executing resolution (and, for
+            // issuance, the parent entity) fiber via _addDependency and records the pending action here; the
+            // gated <X> then asserts the bound dependency state via depInState and clears the pending object.
+            // The dropped object-form dependencies (which the chain silently never gated) are replaced this way.
+            pendingIssue: { type: "object", nullable: true, computed: true },
+            pendingRepurchase: { type: "object", nullable: true, computed: true },
+            pendingReissue: { type: "object", nullable: true, computed: true },
+            pendingRetire: { type: "object", nullable: true, computed: true },
+            pendingDividend: { type: "object", nullable: true, computed: true },
         },
     },
     eventSchemas: {
@@ -170,6 +188,14 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 charterProvision: { type: "string" },
             },
         },
+        propose_issue: {
+            description: "Phase 1 of issuance (#24): bind the executing board resolution + parent entity fibers (_addDependency) and record the pending issuance",
+            required: ["holderId", "boardResolutionRef"],
+            properties: {
+                holderId: { type: "string" },
+                boardResolutionRef: { type: "string" },
+            },
+        },
         issue_shares: {
             description: "Issue shares to a holder",
             required: [
@@ -178,13 +204,16 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 "holderName",
                 "issuanceDate",
                 "form",
-                "boardResolutionRef",
                 "consideration",
             ],
             properties: {
                 holderId: { type: "string" },
                 holderType: { type: "string" },
                 holderName: { type: "string" },
+                holderWallet: {
+                    type: "address",
+                    description: "DAG wallet address the holder controls; pinned so holder-initiated transfer/repurchase can be authorized via proofs[].address.",
+                },
                 address: { type: "object" },
                 issuanceDate: { type: "string", format: "date" },
                 issuancePrice: { type: "number" },
@@ -193,7 +222,6 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                     enum: ["CERTIFICATED", "BOOK_ENTRY", "DRS"],
                 },
                 certificateNumber: { type: "string" },
-                boardResolutionRef: { type: "string" },
                 consideration: { type: "object" },
                 isRestricted: { type: "boolean", default: false },
                 restrictionType: { type: "array" },
@@ -237,25 +265,40 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 toHolderId: { type: "string" },
                 toHolderName: { type: "string" },
                 toHolderType: { type: "string" },
+                toHolderWallet: {
+                    type: "address",
+                    description: "DAG wallet address the new holder controls.",
+                },
                 toAddress: { type: "object" },
                 completedDate: { type: "string", format: "date" },
                 costBasis: { type: "number" },
             },
         },
+        propose_repurchase: {
+            description: "Phase 1 of repurchase (#24): bind the executing board resolution fiber (_addDependency) and record the pending repurchase",
+            required: ["repurchaseDate", "boardResolutionRef"],
+            properties: {
+                repurchaseDate: { type: "string", format: "date" },
+                boardResolutionRef: { type: "string" },
+            },
+        },
         repurchase: {
             description: "Company repurchases shares from holder",
-            required: [
-                "repurchaseDate",
-                "pricePerShare",
-                "boardResolutionRef",
-            ],
+            required: ["repurchaseDate", "pricePerShare"],
             properties: {
                 repurchaseDate: { type: "string", format: "date" },
                 pricePerShare: { type: "number" },
-                boardResolutionRef: { type: "string" },
                 repurchaseAgreementRef: { type: "string" },
             },
         },
+        propose_reissue: {
+            description: "Phase 1 of treasury reissue (#24): bind the executing board resolution fiber (_addDependency) and record the pending reissue",
+            required: ["holderId", "boardResolutionRef"],
+            properties: {
+                holderId: { type: "string" },
+                boardResolutionRef: { type: "string" },
+            },
+        },
         reissue_from_treasury: {
             description: "Reissue treasury shares to a new holder",
             required: [
@@ -263,29 +306,34 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 "holderName",
                 "holderType",
                 "reissueDate",
-                "boardResolutionRef",
             ],
             properties: {
                 holderId: { type: "string" },
                 holderName: { type: "string" },
                 holderType: { type: "string" },
+                holderWallet: {
+                    type: "address",
+                    description: "DAG wallet address the reissued holder controls.",
+                },
                 address: { type: "object" },
                 reissueDate: { type: "string", format: "date" },
                 issuancePrice: { type: "number" },
+            },
+        },
+        propose_retire: {
+            description: "Phase 1 of retirement (#24): bind the executing board resolution fiber (_addDependency) and record the pending retirement (from ISSUED or TREASURY)",
+            required: ["retiredDate", "boardResolutionRef"],
+            properties: {
+                retiredDate: { type: "string", format: "date" },
                 boardResolutionRef: { type: "string" },
             },
         },
         retire: {
             description: "Retire shares (cancel them)",
-            required: [
-                "retiredDate",
-                "retirementMethod",
-                "boardResolutionRef",
-            ],
+            required: ["retiredDate", "retirementMethod"],
             properties: {
                 retiredDate: { type: "string", format: "date" },
                 retirementMethod: { type: "string" },
-                boardResolutionRef: { type: "string" },
                 repurchasePrice: { type: "number" },
             },
         },
@@ -309,6 +357,14 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 newShareCount: { type: "integer" },
             },
         },
+        propose_dividend: {
+            description: "Phase 1 of dividend declaration (#24): bind the executing board resolution fiber (_addDependency) and record the pending declaration",
+            required: ["actionId", "resolutionRef"],
+            properties: {
+                actionId: { type: "string" },
+                resolutionRef: { type: "string" },
+            },
+        },
         declare_dividend: {
             description: "Record dividend declaration affecting this lot (for stock dividends)",
             required: [
@@ -316,7 +372,6 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 "dividendType",
                 "recordDate",
                 "paymentDate",
-                "resolutionRef",
             ],
             properties: {
                 actionId: { type: "string" },
@@ -325,7 +380,6 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 paymentDate: { type: "string", format: "date" },
                 cashAmount: { type: "number" },
                 stockShares: { type: "integer" },
-                resolutionRef: { type: "string" },
             },
         },
         remove_restriction: {
@@ -351,6 +405,11 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 },
                 name: { type: "string" },
                 taxId: { type: "string", nullable: true },
+                walletAddress: {
+                    type: "address",
+                    nullable: true,
+                    description: "State-pinned DAG wallet address controlled by this holder; verified against proofs[].address to gate holder-initiated transfer/repurchase.",
+                },
                 address: { type: "object", nullable: true },
                 acquisitionDate: { type: "string", format: "date" },
                 acquisitionMethod: {
@@ -547,7 +606,8 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
             from: "AUTHORIZED",
             to: "AUTHORIZED",
             eventName: "authorize_shares",
-            guard: { "==": [1, 1] },
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
             effect: {
                 merge: [
                     { var: "state" },
@@ -569,24 +629,53 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                 ],
             },
         },
-        // AUTHORIZED -> ISSUED
+        // AUTHORIZED -> AUTHORIZED (propose_issue) — phase 1 (#24): bind the executing resolution + parent
+        // entity fibers and record the pending issuance, so issue_shares can read their state next transition.
+        {
+            from: "AUTHORIZED",
+            to: "AUTHORIZED",
+            eventName: "propose_issue",
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingIssue: {
+                            holderId: { var: "event.holderId" },
+                            ref: { var: "event.boardResolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
+                    },
+                    // bind the resolution fiber so issue_shares can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.boardResolutionRef" }),
+                    // bind the parent entity fiber so issue_shares can assert it is ACTIVE
+                    (0, effects_js_1.addDependency)({ var: "state.entityId" }),
+                ],
+            },
+            dependencies: [],
+        },
+        // AUTHORIZED -> ISSUED — phase 2 (#24): issue once the bound resolution is EXECUTED and the parent
+        // entity is ACTIVE. depInState replaces the dropped object-form dependencies (which never gated).
         {
             from: "AUTHORIZED",
             to: "ISSUED",
             eventName: "issue_shares",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.boardResolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-                {
-                    machine: "corporate-entity",
-                    instanceRef: { var: "state.entityId" },
-                    requiredState: "ACTIVE",
-                },
-            ],
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+                    // the proposal must target this holder, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingIssue.holderId" },
+                            { var: "event.holderId" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingIssue.ref", "EXECUTED"),
+                    (0, guards_js_1.depInState)("state.entityId", "ACTIVE"),
+                ],
+            },
             effect: {
                 merge: [
                     { var: "state" },
@@ -600,6 +689,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             holderId: { var: "event.holderId" },
                             holderType: { var: "event.holderType" },
                             name: { var: "event.holderName" },
+                            walletAddress: { var: "event.holderWallet" },
                             address: { var: "event.address" },
                             acquisitionDate: { var: "event.issuanceDate" },
                             acquisitionMethod: "ORIGINAL_ISSUANCE",
@@ -616,15 +706,22 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             legends: { var: "event.legends" },
                         },
                         issuanceDetails: {
-                            boardResolutionRef: { var: "event.boardResolutionRef" },
+                            boardResolutionRef: { var: "state.pendingIssue.ref" },
                             consideration: { var: "event.consideration" },
                             exemptionUsed: { var: "event.exemptionUsed" },
                             accreditedInvestor: { var: "event.accreditedInvestor" },
                         },
+                        // clear the consumed proposal
+                        pendingIssue: null,
+                    },
+                    {
+                        _emit: [
+                            { name: "SHARES_ISSUED", data: { var: "event" }, destination: "external" },
+                        ],
                     },
                 ],
             },
-            emits: ["SHARES_ISSUED"],
+            dependencies: [],
         },
         // ISSUED -> TRANSFERRED
         {
@@ -633,6 +730,8 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
             eventName: "initiate_transfer",
             guard: {
                 and: [
+                    // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+                    (0, guards_js_1.signerIsParty)("state.holder.walletAddress"),
                     {
                         or: [
                             { "==": [{ var: "state.restrictions.isRestricted" }, false] },
@@ -641,7 +740,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             },
                             {
                                 ">=": [
-                                    { var: "$timestamp" },
+                                    { var: "$ordinal" },
                                     { var: "state.restrictions.restrictionEndDate" },
                                 ],
                             },
@@ -656,7 +755,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                     {
                         status: "TRANSFERRED",
                         transferHistory: {
-                            cat: [
+                            merge: [
                                 { var: "state.transferHistory" },
                                 [
                                     {
@@ -672,16 +771,21 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             ],
                         },
                     },
+                    {
+                        _emit: [
+                            { name: "TRANSFER_INITIATED", data: { var: "event" }, destination: "external" },
+                        ],
+                    },
                 ],
             },
-            emits: ["TRANSFER_INITIATED"],
         },
         // TRANSFERRED -> ISSUED
         {
             from: "TRANSFERRED",
             to: "ISSUED",
             eventName: "complete_transfer",
-            guard: { "==": [1, 1] },
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
             effect: {
                 merge: [
                     { var: "state" },
@@ -691,6 +795,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             holderId: { var: "event.toHolderId" },
                             holderType: { var: "event.toHolderType" },
                             name: { var: "event.toHolderName" },
+                            walletAddress: { var: "event.toHolderWallet" },
                             address: { var: "event.toAddress" },
                             acquisitionDate: { var: "event.completedDate" },
                             acquisitionMethod: "PURCHASE",
@@ -704,30 +809,64 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             ],
                         },
                     },
+                    {
+                        _emit: [
+                            { name: "TRANSFER_COMPLETED", data: { var: "event" }, destination: "external" },
+                        ],
+                    },
+                ],
+            },
+        },
+        // ISSUED -> ISSUED (propose_repurchase) — phase 1 (#24): bind the executing resolution fiber and
+        // record the pending repurchase, so repurchase can read the resolution's state next transition.
+        {
+            from: "ISSUED",
+            to: "ISSUED",
+            eventName: "propose_repurchase",
+            // authority gate — the selling holder must sign; an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.holder.walletAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingRepurchase: {
+                            repurchaseDate: { var: "event.repurchaseDate" },
+                            ref: { var: "event.boardResolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
+                    },
+                    // bind the resolution fiber so repurchase can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.boardResolutionRef" }),
                 ],
             },
-            emits: ["TRANSFER_COMPLETED"],
+            dependencies: [],
         },
-        // ISSUED -> TREASURY
+        // ISSUED -> TREASURY — phase 2 (#24): repurchase once the bound resolution is EXECUTED.
         {
             from: "ISSUED",
             to: "TREASURY",
             eventName: "repurchase",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.boardResolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-            ],
+            // authority gate — the selling holder must sign; an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.holder.walletAddress"),
+                    // the proposal must match this repurchase, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingRepurchase.repurchaseDate" },
+                            { var: "event.repurchaseDate" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingRepurchase.ref", "EXECUTED"),
+                ],
+            },
             effect: {
                 merge: [
                     { var: "state" },
                     {
                         status: "TREASURY",
                         transferHistory: {
-                            cat: [
+                            merge: [
                                 { var: "state.transferHistory" },
                                 [
                                     {
@@ -757,24 +896,61 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                                 ],
                             },
                         },
+                        // clear the consumed proposal
+                        pendingRepurchase: null,
+                    },
+                    {
+                        _emit: [
+                            { name: "SHARES_REPURCHASED", data: { var: "event" }, destination: "external" },
+                        ],
                     },
                 ],
             },
-            emits: ["SHARES_REPURCHASED"],
+            dependencies: [],
         },
-        // TREASURY -> ISSUED
+        // TREASURY -> TREASURY (propose_reissue) — phase 1 (#24): bind the executing resolution fiber and
+        // record the pending reissue, so reissue_from_treasury can read the resolution's state next transition.
+        {
+            from: "TREASURY",
+            to: "TREASURY",
+            eventName: "propose_reissue",
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingReissue: {
+                            holderId: { var: "event.holderId" },
+                            ref: { var: "event.boardResolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
+                    },
+                    // bind the resolution fiber so reissue_from_treasury can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.boardResolutionRef" }),
+                ],
+            },
+            dependencies: [],
+        },
+        // TREASURY -> ISSUED — phase 2 (#24): reissue once the bound resolution is EXECUTED.
         {
             from: "TREASURY",
             to: "ISSUED",
             eventName: "reissue_from_treasury",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.boardResolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-            ],
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+                    // the proposal must target this holder, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingReissue.holderId" },
+                            { var: "event.holderId" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingReissue.ref", "EXECUTED"),
+                ],
+            },
             effect: {
                 merge: [
                     { var: "state" },
@@ -784,6 +960,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             holderId: { var: "event.holderId" },
                             holderType: { var: "event.holderType" },
                             name: { var: "event.holderName" },
+                            walletAddress: { var: "event.holderWallet" },
                             address: { var: "event.address" },
                             acquisitionDate: { var: "event.reissueDate" },
                             acquisitionMethod: "PURCHASE",
@@ -794,24 +971,85 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                                 ],
                             },
                         },
+                        // clear the consumed proposal
+                        pendingReissue: null,
+                    },
+                    {
+                        _emit: [
+                            { name: "TREASURY_SHARES_REISSUED", data: { var: "event" }, destination: "external" },
+                        ],
+                    },
+                ],
+            },
+            dependencies: [],
+        },
+        // ISSUED -> ISSUED (propose_retire) — phase 1 (#24): bind the executing resolution fiber and record
+        // the pending retirement, so the retire transition can read the resolution's state next transition.
+        {
+            from: "ISSUED",
+            to: "ISSUED",
+            eventName: "propose_retire",
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingRetire: {
+                            retiredDate: { var: "event.retiredDate" },
+                            ref: { var: "event.boardResolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
+                    },
+                    // bind the resolution fiber so retire can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.boardResolutionRef" }),
+                ],
+            },
+            dependencies: [],
+        },
+        // TREASURY -> TREASURY (propose_retire) — phase 1 (#24): the treasury-side counterpart, binding the
+        // executing resolution fiber and recording the pending retirement before retire executes.
+        {
+            from: "TREASURY",
+            to: "TREASURY",
+            eventName: "propose_retire",
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingRetire: {
+                            retiredDate: { var: "event.retiredDate" },
+                            ref: { var: "event.boardResolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
                     },
+                    // bind the resolution fiber so retire can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.boardResolutionRef" }),
                 ],
             },
-            emits: ["TREASURY_SHARES_REISSUED"],
+            dependencies: [],
         },
-        // ISSUED -> RETIRED
+        // ISSUED -> RETIRED — phase 2 (#24): retire once the bound resolution is EXECUTED.
         {
             from: "ISSUED",
             to: "RETIRED",
             eventName: "retire",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.boardResolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-            ],
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+                    // the proposal must match this retirement, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingRetire.retiredDate" },
+                            { var: "event.retiredDate" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingRetire.ref", "EXECUTED"),
+                ],
+            },
             effect: {
                 merge: [
                     { var: "state" },
@@ -821,27 +1059,40 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             retiredDate: { var: "event.retiredDate" },
                             retirementMethod: { var: "event.retirementMethod" },
                             repurchasePrice: { var: "event.repurchasePrice" },
-                            boardResolutionRef: { var: "event.boardResolutionRef" },
+                            boardResolutionRef: { var: "state.pendingRetire.ref" },
                         },
                         holder: null,
+                        // clear the consumed proposal
+                        pendingRetire: null,
+                    },
+                    {
+                        _emit: [
+                            { name: "SHARES_RETIRED", data: { var: "event" }, destination: "external" },
+                        ],
                     },
                 ],
             },
-            emits: ["SHARES_RETIRED"],
+            dependencies: [],
         },
-        // TREASURY -> RETIRED
+        // TREASURY -> RETIRED — phase 2 (#24): retire once the bound resolution is EXECUTED.
         {
             from: "TREASURY",
             to: "RETIRED",
             eventName: "retire",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.boardResolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-            ],
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+                    // the proposal must match this retirement, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingRetire.retiredDate" },
+                            { var: "event.retiredDate" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingRetire.ref", "EXECUTED"),
+                ],
+            },
             effect: {
                 merge: [
                     { var: "state" },
@@ -851,26 +1102,34 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             retiredDate: { var: "event.retiredDate" },
                             retirementMethod: { var: "event.retirementMethod" },
                             repurchasePrice: { var: "event.repurchasePrice" },
-                            boardResolutionRef: { var: "event.boardResolutionRef" },
+                            boardResolutionRef: { var: "state.pendingRetire.ref" },
                         },
                         holder: null,
+                        // clear the consumed proposal
+                        pendingRetire: null,
+                    },
+                    {
+                        _emit: [
+                            { name: "SHARES_RETIRED", data: { var: "event" }, destination: "external" },
+                        ],
                     },
                 ],
             },
-            emits: ["SHARES_RETIRED"],
+            dependencies: [],
         },
         // ISSUED -> ISSUED (stock_split)
         {
             from: "ISSUED",
             to: "ISSUED",
             eventName: "stock_split",
-            guard: { "==": [1, 1] },
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
             effect: {
                 merge: [
                     { var: "state" },
                     {
                         corporateActions: {
-                            cat: [
+                            merge: [
                                 { var: "state.corporateActions" },
                                 [
                                     {
@@ -887,23 +1146,58 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                         },
                         shareCount: { var: "event.newShareCount" },
                     },
+                    {
+                        _emit: [
+                            { name: "STOCK_SPLIT_APPLIED", data: { var: "event" }, destination: "external" },
+                        ],
+                    },
                 ],
             },
-            emits: ["STOCK_SPLIT_APPLIED"],
         },
-        // ISSUED -> ISSUED (declare_dividend) - stock dividend handling
+        // ISSUED -> ISSUED (propose_dividend) — phase 1 (#24): bind the executing resolution fiber and record
+        // the pending declaration, so declare_dividend can read the resolution's state next transition.
+        {
+            from: "ISSUED",
+            to: "ISSUED",
+            eventName: "propose_dividend",
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+            effect: {
+                merge: [
+                    { var: "state" },
+                    {
+                        pendingDividend: {
+                            actionId: { var: "event.actionId" },
+                            ref: { var: "event.resolutionRef" },
+                            proposedAt: { var: "$ordinal" },
+                        },
+                    },
+                    // bind the resolution fiber so declare_dividend can assert its state next transition
+                    (0, effects_js_1.addDependency)({ var: "event.resolutionRef" }),
+                ],
+            },
+            dependencies: [],
+        },
+        // ISSUED -> ISSUED (declare_dividend) — phase 2 (#24): stock dividend handling once the bound
+        // resolution is EXECUTED.
         {
             from: "ISSUED",
             to: "ISSUED",
             eventName: "declare_dividend",
-            guard: { "==": [1, 1] },
-            dependencies: [
-                {
-                    machine: "corporate-resolution",
-                    instanceRef: { var: "event.resolutionRef" },
-                    requiredState: "EXECUTED",
-                },
-            ],
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: {
+                and: [
+                    (0, guards_js_1.signerIsParty)("state.issuerAddress"),
+                    // the proposal must target this action, and its bound resolution must be EXECUTED
+                    {
+                        "==": [
+                            { var: "state.pendingDividend.actionId" },
+                            { var: "event.actionId" },
+                        ],
+                    },
+                    (0, guards_js_1.depInState)("state.pendingDividend.ref", "EXECUTED"),
+                ],
+            },
             effect: {
                 if: [
                     { "==": [{ var: "event.dividendType" }, "STOCK"] },
@@ -912,7 +1206,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             { var: "state" },
                             {
                                 corporateActions: {
-                                    cat: [
+                                    merge: [
                                         { var: "state.corporateActions" },
                                         [
                                             {
@@ -926,7 +1220,7 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                                                         { var: "event.stockShares" },
                                                     ],
                                                 },
-                                                resolutionRef: { var: "event.resolutionRef" },
+                                                resolutionRef: { var: "state.pendingDividend.ref" },
                                             },
                                         ],
                                     ],
@@ -937,19 +1231,29 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                                         { var: "event.stockShares" },
                                     ],
                                 },
+                                // clear the consumed proposal
+                                pendingDividend: null,
                             },
                         ],
                     },
-                    { var: "state" },
+                    {
+                        merge: [
+                            { var: "state" },
+                            // cash dividend: no share change, but still clear the consumed proposal
+                            { pendingDividend: null },
+                        ],
+                    },
                 ],
             },
+            dependencies: [],
         },
         // ISSUED -> ISSUED (remove_restriction)
         {
             from: "ISSUED",
             to: "ISSUED",
             eventName: "remove_restriction",
-            guard: { "==": [1, 1] },
+            // authority gate — an identity role attestation (ISSUER/BOARD_MEMBER/...) layers on additively when the identity registry lands (docs/design/app-hardening-identity-integration.md §4.2)
+            guard: (0, guards_js_1.signerIsParty)("state.issuerAddress"),
             effect: {
                 merge: [
                     { var: "state" },
@@ -990,9 +1294,13 @@ exports.corpSecuritiesDef = (0, fiber_app_js_1.defineFiberApp)({
                             ],
                         },
                     },
+                    {
+                        _emit: [
+                            { name: "RESTRICTION_REMOVED", data: { var: "event" }, destination: "external" },
+                        ],
+                    },
                 ],
             },
-            emits: ["RESTRICTION_REMOVED"],
         },
     ],
 });