The law prohibits a shareholder of a private company from transferring his shares to a non-member without first offering the same shares to existing shareholders. Therefore, where a shareholder intends to transfer his or her shares to a non-member, he or she must ensure that the articles of the corporation authorize such a transfer before completing this document. 2. This Agreement limits the power of the Board of Directors to manage and supervise the Undertaking to the extent necessary to achieve the objectives of the shareholders, as set out in this Agreement, and transfers those powers to the shareholders. Shareholders acknowledge that, to the extent that the powers of the Board of Directors are restricted and transferred to shareholders, the commitments and commitments of the Board of Directors and each director are also transferred to the shareholders. 7. The conclusion of the purchase and sale of the Shares (the « Closing ») will take place on June 11, 2020 (« Closing Date ») at the Seller`s offices or at any other time and place where Seller and Buyer mutually agree. Upon closing and full payment of the purchase price by the buyer to the seller, the seller will provide the buyer with transfers of the properly executed shares. Modification This share transfer agreement may be amended and any amendment must be made in writing by both parties. (a) `board of directors` means the board of directors of the undertaking; (b) « working day » means a day other than a Saturday, Sunday or public holiday; (c) `fair market value` means the fair value defined in this Agreement; d.
« party » or « party » means all shareholders and the enterprise; e. « share » or « shares » means a share or share in the capital of the corporation; f. Shareholders may exempt any shareholder from the impertition of the loan, but if unless all shareholders contribute to the loan, shareholders who contribute to the loan are entitled to interest at an appropriate commercial rate. B. The shareholders have decided to enter into this agreement (the « Agreement ») in order to regulate their respective interests, obligations, commitments, property rights and rights of the Company. 5.16 The assignor irrevocably releases and undertakes to exempt the assignee from any loss resulting from a breach of the warranties or other conditions of the share transfer agreement. . .
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