The Mithril Cash Treasury exists to enable bond-to-cash redemptions. Bonds redeemed via the Treasury automatically returns the user an equal number of Mithril Cash, provided that: 1) the oracle price of Mithril Cash is above 1 USDT, and 2) the Treasury contract has a positive balance of Mithril Cash.
Disallowing redemptions when the Mithril Cash price is below 1 USDT prevents bond holders from prematurely cutting their losses and creating unnecessary downward pressure on the price of MIC.
In addition, as the price of MIC 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 MIC 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 Mithril Share holders to claim excess Mithril Cash minted by the protocol. Holders of Mithril Shares can stake their Shares to the Boardroom contract, which by doing so, they can claim a pro-rata share of Mithril Cash tokens assigned to the Boardroom.