Article I — Immutable

The token is a record, not an instrument.

HCR represents one independently-verified axis-lift event on the Master Equation. It is not a share, a debt, a deposit, an insurance policy, or a derivative. It is a public, durable, append-only record that one specific patient, on one specific axis, at one specific time, became measurably better.

Article II — Immutable

The Corporation may not hold the reserve.

Conceptual Healthcare Corporation, its subsidiaries, its employees acting in their employee capacity, and any entity controlled by the Corporation may not hold HCR. This constraint is enforced at the chain level: Corporation-controlled wallet addresses are blocklisted from mint distribution and cannot accept inbound HCR transfer.

Article III — Immutable

Mint requires four signatures.

No HCR may be minted absent: (1) the patient's wallet signature on the underlying encounter; (2) a credentialed clinician's attestation, license-verified at moment of signing; (3) at least one objective instrument capture; and (4) an axis-math result exceeding the published noise threshold for the relevant axis.

Article IV — Modifiable, 9-of-13 Council

Burn follows audit, not authority.

HCR is burned only when an audit determination invalidates the underlying clinical event. Burn requires either: (a) a documentation reversal recorded by the original signing clinician; (b) a billing claw-back by a payer with chart access; (c) a credential revocation discovered post-mint; or (d) a fraud finding by the Trust Council's audit committee acting on independent evidence.

Burns are themselves chain transactions. They do not delete the original mint; they net it.

Article V — Modifiable, 9-of-13 Council

Custody is patient-default.

Every HCR mint defaults to a non-custodial wallet under the patient's control. The patient may opt into the Coverdell Reserve, the institutional custody pool, or a delegated guardian wallet. The default is never custodial, and the chain shall present custodial options only as an opt-in choice with an explicit consent step.

The Coverdell Reserve may not exceed 15% of total HCR supply in aggregate without an Article-V amendment.

Article VI — Modifiable, 9-of-13 Council

Governance is composed, not concentrated.

The Trust Council holds thirteen seats: four patient-class, three clinician-class, two institutional, two academic, one patient-advocate, one non-voting Corp observer. No two seats may be filled by the same individual or by individuals materially controlled by the same entity. Term limits are two consecutive three-year terms.

Council action requires a quorum of nine voting seats. Articles I, II, and III may not be modified by Council action.

Article VII — Modifiable, 9-of-13 Council

The reserve is not a peg.

HCR's market price floats. The Corporation, the Council, and the chain shall not operate as a peg-keeper or market-maker of last resort, and shall not maintain a fiat reserve held against HCR for the purpose of stabilizing its price. The Coverdell-class operating reserve exists for redemption-of-convenience, not for price defense.

Any Council attempt to install a price-defense mechanism shall require a public comment window of no less than 120 days and an Article-VII amendment.

Article VIII — Modifiable, simple majority

The covenant is itself a chain object.

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