h. for the purposes of interpreting this agreement and the shareholders rights and obligations under this agreement, the constitution of the company will be read, wherever possible, in such a way as to give effect to the provisions of this agreement. b. any shares remaining after the first offer will be offered on an equal basis to the other shareholders of that class (the “second offer”) for not less than the subscription price specified in the first offer and on terms not more favourable than those in the first offer. 25. if the offeree elects to purchase the initiating shareholder’s shares, the offeree will tender a bank draft for the price within 10 business days of notifying the initiating shareholder that the offeree has elected to purchase the initiating shareholder’s shares, and the initiating shareholder will transfer or cause to be transferred to the offeree all of the initiating shareholder’s shares on receipt of the price.
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. 35. if the shareholders cannot agree on the fair market value of the shares or fail to set the fair market value on an annual basis for whatever reason, the fair market value will be determined as follows: a. the shareholder or shareholders desiring the valuation will give written notice to all other shareholders that a valuation is required (the “valuation notice”). 47. if there is a conflict between any provision of this agreement and any form of agreement prescribed by the legislation, that prescribed form will prevail and such provisions of the agreement will be amended or deleted as necessary in order to comply with that prescribed form. 53. this agreement will inure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns, as the case may be, of the parties.
use our shareholder agreement template to outline the relationship among shareholders in a company, and how it will operate. a shareholders’ agreement is a legal document used to define how shareholders should control a corporation and what are their rights and obligations. the two most significant consequences are a lack of funds coming in and disagreements between the shareholders and/or directors that are not easily solved. in that case, all shareholders and directors can be held this document, so there are no legal ramifications from not having a formal agreement.
that is the best time to make sure the agreement is fair and just to all of the shareholders and directors of the company, instead of only to some. that can cause problems for family members and employees who may own shares of the corporation but do not understand the value of that ownership or if there is something they are supposed to do with the claims to get their maximum benefit. a provision for other shareholders to buy the shares of those deceased or retiring is generally included in this agreement to ensure these shares can be dealt with and valued appropriately. all information, software and services provided on the site are for informational purposes and self-help only and are not intended to be a substitute for a lawyer or professional legal advice.
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