This Shareholders Agreement is made and entered into on this ___ day of ________,  201__, by and between: _________________________ [shareholder 1], _________________________ [shareholder 2], _________________________ [shareholder 3]. The receipt by any Party of a notice calling for arbitration in terms of this clause shall constitute the service of a process for the purposes of interruption of prescription in terms of Section 15 of the Prescription Act, 1969. Copyright © 2010. 4.1. 6.1. 11.1. Each Shareholder shall be entitled to appoint 1 (one) director to the board, with the right to remove or replace or fill any vacancy in respect of such director. 10.3. Governing Law and Jurisdiction. The shareholders shall take such steps as may be necessary to alter the memorandum and articles of association of the company so as to reflect the provisions of this agreement. Nevertheless, at any meeting of the board, each director shall be entitled to exercise such number of votes as equates to the number of shares held by the Shareholder that appointed him at the date of the meeting concerned (in the event that two or more directors were appointed by the same shareholder, their number of votes shall not be accumulated). You can also see Join Venture Agreement Template. You should always seek the advice of your legal professional. (f)           the Parties – collectively, the Company and the Shareholders. Any dispute or claim arising out of or in connection with this Agreement, including regarding its existence, validity or termination, shall be submitted to the ______________ Court, that shall have sole and exclusive jurisdiction. 6.2. Disclaimer: This website is intended for educational puposes only.The contract samples, agreement samples and legal information presented herein are illustrative materials only. The chairman of the Company from time to time shall act as chairman of any general meeting of the Company and shall not have a casting vote in case of quality of votes. Should the condition not be fulfilled by __________, then and in such event this Agreement shall be and become null and void and the parties shall be obliged to restore each other, as reciprocal obligations, as near as possible to the status quo ante as at the Effective Date. This Agreement shall be binding on the Parties their heirs, assigns and successors-in-title. Words and/or expressions defined in any clause in the body of this Agreement shall bear the meaning so assigned to it throughout this Agreement, unless specifically limited to that clause. SHAREHOLDER 3: Full Name: 8.5. Shareholders Agreement Template South Africa Posted by:Admin A shareholder pact can be prepared at reasonable prices and will save a considerable amount of legal fees and litigation on the line. Shareholders agreement – South Africa. It is by no means perfect and reflects the biases and priorities of the writer. 10.5. Each shareholder undertakes to guarantee, jointly, the obligations of the Company to third parties as shall be necessary to enable the company to conduct its business from time to time and hereby indemnify each other pro-rata to their respective shareholdings in the Company. The purpose behind the contract is to be certain that all the shareholders are treated equally and at the same time, their certain rights will be protected. 12.1. This Agreement, save for the provisions of this clause which shall be of immediate force and effect, is subject to the fulfilment of the following conditions precedent (the "Conditions"): (a)          that a Management Agreement is duly concluded between the Company and each Shareholder; (b)          that a confidentiality and non-disclosure agreement is duly concluded between the Company and each Shareholder; (c)           that the Memorandum/ Articles of Association in the form of Annex "C" hereto shall be adopted by the Company; (d)          _________________________________ [insert additional conditions]. No claim to contract samples and agreement samples derived from other websites. 11.3. 13.3. 1.3.        the following words and expressions shall bear the meanings assigned to them hereunder and cognate expressions shall bear corresponding meanings. Each of the Offerees shall be entitled to take up such proportion of the Offeror's Shares as is in proportion to such Offeree's shareholding in the Company at the time. Apply below or call us toll-free. Before the new Companies Act, a private company’s Shareholder’s Agreement was king of this carriage, overriding any conflicting provision in the articles of association. (b)          Issued R __________ divided into _________ Shares and held as follows: ___________                                   ______ shares                   ______%. (v) ‘Business Day ’ shall mean a day other than Saturday and Sunday on which banks are open for normal banking business in Bhopal. 1. Neither the waiver by any of the Parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. ... agreement delivered or sent by prepaid registered post by any party to the other shall be deemed to have ... hereof the laws and jurisdiction of the Republic of South Africa shall apply. 1941 0 obj <>/Filter/FlateDecode/ID[<754438FFAE0E254F9DA60C9D5DD4C608>]/Index[1919 41]/Info 1918 0 R/Length 111/Prev 346873/Root 1920 0 R/Size 1960/Type/XRef/W[1 3 1]>>stream However, sample business partnership agreements can give you an idea what to include. Symultaniously, on the Closing Date, the entire purchase price in respect of the Offeror's Shares shall be paid by the Offerees. If any shareholder shall not follow its rights, he shall be deemed to have renounced same to the other shareholders who do follow their rights in the same proportions as they follow their rights. (e)          the Effective Date –  the date indicated above upon which this Agreement became duly signed by all of the Parties hereto. 9.3. For: _____________________ [shareholder 1], Signatory, who warrants that he/she is duly authorised hereto, Date: ___________________      Witness: _____________________, For: _____________________ [shareholder 2], For: _____________________ [shareholder 3]. Any reference in this agreement to a party shall, if such party is liquidated or sequestrated, also be applicable to and binding upon that party’s liquidator or trustee, as the case may be. This shareholders’ agreement IS NOT compatible with a MOI that is drafted in favour of directors’ rights, for example the short-standard form of CIPC MOI. h�b```������@(�����1�Ӕ&��� �=;R8:�5+�-��L�;ԧp�3�=�E��W1s���wpY0u�Q�q�ӕ�� ���1�ΠIK5���,�� 7.5. LawLive is the easy way to create professional legal documents in minutes. The headings of the clauses in this agreement are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify nor amplify the terms of this agreement nor any clause hereof. 12.4. 2.1. The parties choose as their domicilia citandi et executandi for all purposes under this agreement, whether in respect of court process, notices or other documents or communications of whatsoever nature, the following addresses: (a)          For _______________[Shareholder 1]: (b)          For _______________[Shareholder 2]: (c)           For _______________[Shareholder 3]: 11.2. 12.7. A Shareholders Agreement, is an agreement between the shareholders of the company and between the shareholders and the company itself, and regulates the rights and obligations of the shareholders to each other and to the company, as well as the rights and obligations of the directors appointed by the shareholders. File Type: pdf . Binding Effect. It should serve as food for thought. The managing director's duties shall include the signature of all instruments and documents relating to the day-to-day activities of the Company or the delegation of such authority in a manner which ensures its continuance to the satisfaction of the board, and the exercise of powers expressly conferred upon him by the board. (g)          the Shareholders – collectively, all of the registered shareholders of the Company from time to time. Upon the due fulfilment of the Conditions, the Prior Agreements shall be and become cancelled and of no further force or effect whatsoever, save for any claims between the Parties which may be in existence at the time. Each director shall be entitled to appoint (or remove or replace, if it so desires) an alternate director. UNANIMOUS SHAREHOLDER AGREEMENT THIS AGREEMENT,dated as of the . 6.1. Size: 114.3 KB . (a)          Authorised R __________ divided into _________ Shares. A Shareholders Agreement is setup to protect the shareholders of a Company. 6.4. Where an expression has been defined and such definition contains a provision conferring rights or imposing obligations on any Party, effect shall be given to that provision as if it were a substantive provision contained in the body of this Agreement. Also, it includes a provision which states that you must base all decisions by discussion and consensus. 2.2. The provisions of the Arbitration Act, 1965 shall apply to this arbitration. All and any amounts lent and advanced to the Company shall be credited to the respective Shareholder in the financial records of the Company. Please note the information below uses the term ‘shareholders agreement’ in a generic sense as it will equally apply to those involved in a Close Corporation, the only change being it would be … 5 Shareholder Agreement free download. 1.13. 9.7. 9.4. In terms of the South African … 1.10. The Company shall be obliged, in relation to any such adjourned meeting, to forthwith notify the directors by telefax of the date, place and time thereof. If no chairman is elected, or the elected chairman is not present within five minutes of the time fixed for the meeting or is unwilling to preside, those directors in attendance may usually elect one of their number as chairman of the meeting. There is currently an Amendment to this Act which has recently been signed into law, if you purchase this Shareholders Agreement Template and the Amendments alter this document in any way you will be provided with an … This Shareholders Agreement Template is up to date with the new Companies Act which came into effect from 1 May 2011. The payment of dividends is subject to the directors of the company being reasonably satisfied as to the requirements of solvency and liquidity having been adhered to as required in terms of the Act, and subject to the shareholders being reasonably satisfied in good faith as to the requirement of prudence as regards the company having been adhered to. This Agreement shall be governed and construed in accordance with the laws of the Republic of South Africa. This Agreement may not be altered, amended or modified in any way except by a writing signed by all the Parties. 6.7. The arbitrator shall be appointed by/and in accordance with __________________. Any appointment or removal of a director shall be made on written notice to the Company's registered office, signed by the concerned Shareholder. modules of not less than 10 (ten) shares per shareholder and will be limited to not more than 10 shareholders. It should not be used or relied upon for any purpose, does not represent a recommendation or endorsement and is not a substitute for professional legal advice. The provisions of this clause constitute an irrevocable consent by the Parties to any of the proceedings contemplated therein and none of the Parties shall be entitled to claim that it is not bound by it and are severable from the remainder of this Agreement and shall remain of full force and effect, notwithstanding any termination, cancellation, invalidity or alleged invalidity of this Agreement for any reason whatsoever. The Parties are obliged to maintain the utmost confidentiality with regard to all matters relating to the arbitration, save as otherwise expressly and peremptorily required by law. WHAT IS OUR TEMPLATE SHAREHOLDERS AGREEMENT? Despite the above, no dividends shall be paid until such time as all shareholders’ loans and any interest thereon, if applicable, and all amounts owing to funders of the company have been paid. Each director shall have 1 (one) vote. SHAREHOLDER 2: Full Name: Registration Number/Identity Number: Physical address: Email address: Number and class of Shares: 3. Where a period consisting of a number of days is prescribed, it shall be determined by excluding the first and including the last day, unless the last day falls on a Saturday, Sunday or public holiday in the Republic of South Africa, in which case the last day shall be the next succeeding day which is not a Saturday, Sunday or public holiday. All repayments by the company to the shareholders shall be made pro rata to their respective loan accounts but to the extent that any shareholder's loan account exceeds its/his pro rata share based on its/his shareholding in the company such excess shall first be repaid. Sample Shareholder Agreement. TEMPLATE SHAREHOLDERS AGREEMENT . 1.6. (iv) ‘Board ’ means the Board of Directors of the Company. Shareholder Resolution Template Uk. These agreements do just that, covering a large range of matters, simply and logically. Our wide range of shareholder agreement samples are ideal for this purpose. (b) Whenever under this Agreement the Corporation or the shareholders exercise any option or right to redeem or purchase shares of any shareholder, the Purchase Value shall be paid immediately upon the receipt by the Corporation of the proceeds of any insurance on the life of a deceased shareholder owned by and payable to the Corporation, to the extent of such proceeds. 13.7. Sample business partnership agreements. in the event of any of the Offerees failing or declining to exercise the right to purchase its entitlement to the Offeror's Shares, the remaining Offerees shall be entitled to acquire such Offeree's entitlement to the Shares on offer, either entirely or pro rata, mutatis mutandis as set forth above. (a)          a reference to any one gender include the other two genders, (b)          the singular includes the plural and vice versa, and. The board of directors shall consist of _____ directors. 13.1. If, within 30 (thirty) minutes after the time appointed for the meeting, a quorum is not present, the meeting shall stand adjourned to the same day in the following week, at the same time and place or, if that day is a public holiday, to the next succeeding business day and if at such adjourned meeting a quorum is not present within 30 (thirty) minutes after the time appointed for the said meeting, the Shareholders present shall, subject to the provisions of the Act, be a quorum. 12.2. A Contractzone we provide our clients with much more than just a Shareholders Agreement template. 1.4. This document is intended for informational purposes and to illustrate the diversity of written agreements only. But not anymore. 7.1. 12.3. You should not utilize a sample without consulting a legal expert. A reference to a statutory enactment is to that enactment as at the date of signature hereof and as amended or re-enacted from time to time. The shareholders agree that if any shareholder does not have the finances to follow its rights the undertaking of a rights issue shall not constitute unfairly prejudicial, unjust or inequitable conduct. If, within 30 (thirty) minutes after the time appointed for the meeting, a quorum is not present, the meeting shall stand adjourned to the same day in the following week, at the same time and place or, if that day is a public holiday, to the next succeeding business day and if at such adjourned meeting a quorum is not present within 30 (thirty) minutes after the time appointed for the said meeting, the directors present shall, subject to the provisions of the Act, be a quorum. 3.1. Just using a Shareholder Agreement template is dangerous. No resolution of the Board shall be valid unless it is passed by at least ___% (________ percent) of the number of votes represented and available to be cast at the relevant board meeting. File Type: pdf . This Agreement represent and constitute the entire agreement between the parties, and supersedes and merges all prior negotiations, agreements and understandings, oral or written, with respect to its subject matter. Pages: 13 Page(s) Shareholders' Agreement Guide. 1959 0 obj <>stream The Initiating Shareholder may also make an offer to the other Shareholders as a group, and the other Shareholders will either come to an agreement among themselves to buy the Initiating Shareholder’s Shares or will, as a group, elect to sell all of their Shares to the Initiating Shareholder, and the procedure in this Shot Gun Provision will apply. Meetings of Shareholders shall be convened in accordance with the Articles of Association of the Company. Should no acceptance notice be received prior to the expiry of the Acceptance Date the Offerees' right to acquire the Offeror's Shares in terms of the Offer Notice shall ipso facto lapse and be of no further force or effect whatsoever and the Offeror may sell his shares to third parties. Modification; Waiver. 8.3. The Offer Notice shall only be capable of being given in respect of the entire shares of the Offeror and shall not be revocable until the expiry of the Acceptance Period (as defined below). The arbitration will be held in ____________. The Acceding Party confirms that it has been supplied with a copy of the South African Shareholders’ Agreement and covenants and undertakes with all present parties to the South African Shareholders’ Agreement (whether original or by accession) (“Parties”) to observe, perform and be bound by the South African Shareholders’ Agreement so that the Acceding … 0 endstream endobj startxref Each Shareholder undertakes (to the extent that it has not already done so) to lend and advance to the Company an amount of R_______ forthwith after the Effective Date. If any provision of the Agreement shall be held invalid, illegal or unenforceable by a court of competent jurisdiction, the remainder shall be valid and enforceable and the parties shall negotiate in good faith a substitute, valid and enforceable provision which most nearly affects the parties’ intent in entering into this Agreement. This Agreement shall be governed and construed in accordance with the laws of the Republic of South Africa. A Shareholders Agreement is a contract between some or all of the shareholders in a company.In many cases, the company is also a party to the Agreement. Unless the context indicates a contrary intention -. Where one of the Shareholders (hereinafter, the "Offeror") desires or proposes in any way to dispose of its shares, he shall give written notice (the "Offer Notice") to the other Shareholders (the "Offerees") in which it shall specify that it wishes to dispose of all its shares in the Company and its claims on loan account against the Company. Relationship of the Parties. The Company will endeavour to obtain whatever additional working capital it may require from time to time from its own resources and/or from external or other banking sources. 2.3. 13.2. Agreement Sample assumes no liability for the content of this document or for any action or inaction taken as a result of it. Upon timeous receipt of the Acceptance Notice, a contract shall be deemed to have been concluded between the Offeror and the Offerees for the sale of all of the Offeror's shares. LegalWise offers a free South African partnership agreement template. 6.6. 1.2. 1.8. The Parties shall use their best endeavours to procure the fulfilment of the Conditions as soon as possible after the Effective Date. The power to declare dividends or make other payments to shareholders shall vest in the shareholders. 10.4. The Shareholders Agreement is a vital document and it must cover all the important bases. A quorum at meetings of Shareholders shall be the respective duly authorised representatives of __% (_________ percent) of the Shareholders. Pages: 2 Page(s) 4.3. 7.4. ie. Entire Agreement. The Company shall be obliged, in relation to any such adjourned meeting, to forthwith notify the Shareholders by telefax of the date, place and time thereof. 9.1. Each Shareholder undertakes to vote in favour of the other Shareholders' appointments, removals or replacements of alternate directors. Severability. Any dispute or claim arising out of or in connection with this Agreement, including regarding its existence, validity or termination, shall be submitted to the ______________ Court, that shall have sole and exclusive jurisdiction. 11.4 Cession of rights Our Attorney can create a Custom Shareholders Agreement for your Company for only R1290. (a)          delivered by hand to a responsible person during ordinary business hours at the physical address chosen as its domicilium citandi et executandi shall be deemed to have been received on the day of delivery; (b)          sent by prepaid registered post (by airmail if appropriate) in a correctly addressed envelope to it at an address chosen as its domicilium citandi et executandi to which post is delivered shall be deemed to have been received on the 7th (seveth) business day after posting (unless the contrary is proved); (c)           sent by telefax to it at a telefax number chosen as its domicilium citandi et executandi, shall be deemed to have been received on the date of despatch (unless the contrary is proved); (d)          sent by e-mail to it at an email address chosen as its domicilium citandi et executandi, shall be deemed to have been received on the date of despatch (unless the contrary is proved). 4.2. BETWEEN: and and (Hereinafter referred to as the “Corporation”) RECITALS: 1.The Corporation was incorporated under the Act by articles of incorporation dated ; 1.Each of the Shareholders is the registered and beneficial owner of the number Assignment. A Shareholders’ Agreement and the Company’s MOI (Memorandum of Incorporation) go together like the proverbial horse-and-carriage. Shareholders Deed of Agreement. 13.4. 8.1. 6.3. 6.2. A Shareholder Agreement, also sometimes called a Stockholder Agreement, is a document between a corporation and its shareholders.In a Shareholder Agreement, the corporation and the shareholders agree to the bounds of the relationship between them. The provisions of this agreement shall prevail in any conflict between the provisions of this agreement and the memorandum or articles of association of the company. endstream endobj 1920 0 obj <. With this in mind, here are six points that you and your shareholders need to discuss while working out the shareholders agreement. Anything that is not part of the Founding Memorandum (ME) must be covered by the shareholders` pact. 9.5. 9.1. Directorate. A Shareholders Agreement is different from a Company Constitution, although the two documents have many things in common.Under the Corporations Act 2001 a Company Constitution is compulsory, while a Shareholders Agreement … Neither Party may assign, sell, license, grant, dispose or otherwise transfer any of its rights and obligations under this Agreement, or any part thereof, without the prior written consent of the other Party. (a)          the Act – the Companies Act, 1973. Because they set out the rights of one shareholder against another, both majority and minority owners will want comprehensive agreements to protect their interests and investment in the company. 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