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This is a shareholders' agreement for a 5-party joint venture aimed at setting up a relatively simple company with equal shareholding. The agreement outlines the obligations and responsibilities of the parties involved in the joint venture.
The document details the formation of a new company with agreed-upon characteristics, including its name, authorised share capital, registered office, and auditors. The agreement also sets a deadline for completion, which should take place within 10 days of the conditions precedent being fulfilled or waived.
The parties must subscribe unconditionally for the respective parties' shares in cash and pay for them in cleared funds. The names of the parties must be entered in the company's register of members and share certificates must be issued to the parties for their subscribed shares.
The purpose of this agreement is to govern the relationships between the parties as shareholders in the company and to provide a framework for their joint venture. With equal shareholding and minimal obligations, this agreement is well-suited for the establishment of a relatively simple joint venture.
This shareholders' agreement is a valuable tool for anyone looking to set up a joint venture company with a group of 5 parties. With clear guidelines for each party's obligations, the agreement helps ensure a smooth and successful partnership.
Steps for using the 5-party Shareholders Agreement:
1. Careful Reading: All parties involved in the joint venture should carefully read the shareholders' agreement to ensure they understand their obligations and responsibilities.
2. Sign and Return: Each of the five parties should sign and return a copy of the agreement, and once all parties have signed, each party should receive a copy.
3. Witnessed Signatures: To avoid future disputes, all parties may wish to have their signatures witnessed.
4. Future Amendments: If any of the parties wish to amend the agreement in the future, all parties must agree to do so, and any changes must be recorded in writing and signed by all parties.
5. Keep a Copy: It's important for each party to keep a copy of the agreement, including any future amendments, for future reference.
6. Incorporation of the Company: As per the agreement, the parties should cause the company to be incorporated as a limited liability company with the characteristics outlined in the agreement.
7. Subscription for Shares: The parties must subscribe for the respective party's shares in cash and pay for them in cleared funds. The names of the parties must be entered in the company's register of members, and share certificates must be issued to the parties for their subscribed shares.
By following these steps, all parties can ensure that their joint venture company is established in accordance with the shareholders' agreement and that their relationships as shareholders are governed by its terms. With clear guidelines and a framework for the joint venture, the agreement can help to ensure a successful partnership.