The Syndicate
Incorrect access word
Strictly private and confidential
The circle LOG 08
Founders allocation

Ten instruments.
Ten founders.

Leroy Brothers and the closed allocation protocol.

The artists

Leroy Brothers. Belgian contemporary art collective, active since 1997.

"The artists hold 90% and carry the full operational risk. The Founder holds an instrument and collects yield. The hierarchy is clear."
Structure · TB RAK INVEST SAS

Their practice sits at the intersection of conceptual art, digital culture, and institutional critique. They have exhibited in international institutions, worked with galleries across Europe, the United States, and Asia, and built a body of work that regularly enters private and public collections.

Leroy Brothers are not consultants to the project. They are the operators, the artistic directors, and the founding shareholders. They hold 90% of TB RAK INVEST SAS. They are the debtors named in the convertible bond obligation. They are personally and institutionally bound to the territory.

The Syndicate is LOG 08 in the Leroy Brothers catalogue. The two artist proofs, Instruments No. 11/12 and No. 12/12, are held by the collective. They are not for sale.

Active since 1997
Equity held by LB 90%
Artist role Debtor
Catalogue entry LOG 08
Compressed metal stacks and press, Leroy Brothers atelier
L'Atelier · Les Sessions Material study · Tigmi territory
The Founders Circle

Ten instruments.
Ten founders.
One founding.

Instruments are numbered sequentially in order of entry. The numbering is permanent. Instrument No. 1/12 is the first founder. Instrument No. 10/12 is the tenth. This is not a marketing hierarchy. It is the actual record of how the institution came into being.

The Founders Circle is a legal constituency within the corporate structure of TB RAK INVEST SAS. The Founders collectively hold 10% of the operating company, receive annual dividends on that equity, and carry their instrument numbers in perpetuity.

Allocations are made by personal invitation only. Entry requires the acquisition of The Syndicate diptych (50 000 EUR TTC), the subscription of 1% equity at nominal par (100 EUR), and the subsequent execution of the 200 000 EUR OCA. The three transactions are sequential and inseparable. Instruments are not transferable without consent of LB. The circle is closed at ten public instruments.
The instrument, in full →