The document is a letter for the application for shares of a company. It indicates the number of shares and the type of shares that an entity is applying for. It also serves as an agreement by that entity to be bounded by the Constitution of the company and authorising the company to put his/her name in the Member Register.
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The document titled 'Applications for Shares in a Company' is an application form used by individuals or entities to apply for the allotment and issuance of fully paid ordinary shares in a company. The importance of this document lies in its role as a formal request for shares, which allows individuals or entities to become shareholders in the company.
The entire document consists of a letter addressed to the directors of the company, expressing the irrevocable and unconditional application for the shares. It is important to note that the application is subject to and governed by the memorandum and articles of association of the company. The letter also includes various sections that provide specific details and instructions regarding the payment for the shares.
Each section of the document serves a specific purpose. The 'to' section includes the name of the company and its address. The 'date' section indicates the current date of the application. The 'dear sirs / madams' section is a formal salutation to the directors of the company.
The main body of the document contains conditional statements based on the chosen method of payment. If the payment is made by cheque or banker's draft, the applicant is required to enclose the corresponding amount with the application. If the payment is made by bank transfer, the applicant must provide proof of the electronic funds transfer. If the payment is to be satisfied by the release of the company's debt, the applicant must specify the amount of the debt. If the payment is an undertaking to pay later, the applicant commits to paying the specified amount upon written demand by the company.
The document also includes a section where the applicant requests and authorizes the company to enter their name in the register of members as the holder of the shares and to issue a share certificate. The letter concludes with a formal closing and the signature of the authorized person on behalf of the applicant.
To use the 'Applications for Shares in a Company' document, follow these steps:
1. Fill in the 'to' section with the name of the company and its address.
2. Enter the current date in the 'date' section.
3. Address the letter to the directors of the company using the appropriate salutation ('dear sirs / madams').
4. In the main body of the letter, choose the appropriate conditional statement based on the method of payment:
a. If paying by cheque or banker's draft, enclose the corresponding amount with the application.
b. If paying by bank transfer, provide proof of the electronic funds transfer.
c. If paying by the release of the company's debt, specify the amount of the debt.
d. If making an undertaking to pay later, commit to paying the specified amount upon written demand by the company.
5. Request and authorize the company to enter your name in the register of members as the holder of the shares and to issue a share certificate.
6. Sign the letter on behalf of the applicant.
By following these steps, you can properly complete the 'Applications for Shares in a Company' document and submit it to the directors of the company.