The Basis Cash Treasury exists to enable bond-to-cash redemptions. Bonds redeemed via the Treasury automatically returns the user an equal number of Basis Cash, provided that: 1) the oracle price of Basis Cash is above 1 DAI, and 2) the Treasury contract has a positive balance of Basis Cash.
Disallowing redemptions when the Basis Cash price is below 1 DAI prevents bond holders from prematurely cutting their losses and creating unnecessary downward pressure on the price of BAC.
In addition, as the price of BAC is likely to experience significant volatility during its phase of initial distribution (first 5 days), the Treasury is scheduled to start after initial distribution concludes (starting from day 6 of launch). This is to grant the BAC market enough time to stabilize, after which the protocol makes effective use of the stabilization mechanism to prevent further deviations in price.
The Boardroom allows Basis Share holders to claim excess Basis Cash minted by the protocol. Holders of Basis Shares can stake their Shares to the Boardroom contract, which by doing so, they can claim a pro-rata share of Basis Cash tokens assigned to the Boardroom.