UNIT HOLDERS AGREEMENT
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What is included
A Unit holders Agreement is a contract between the unit holders of a Unit Trust. Unit holders Agreements govern the relationship between Unit Holders in a Unit Trust. A Unit holders Agreement covers the rights, responsibilities, obligations and liabilities of Unit holders.
A Unit holders Agreement also protects the interests of Unit holders regarding their investment in the Unit Trust. It covers matters that not covered by the Unit Trust Deed itself or the trustee company’s constitution.
The Unit holders Agreement operates in addition to the Unit Trust Deed, without changing the Deed itself. This agreement agreement includes among other things, terms on which a person can leave (or be required to leave) the Unit Trust scheme, decision making, management of the Unit Trusts’s business, meetings and voting rights, distribution of profits, contributions of capital, sharing of expenses and resolution of disputes.
- CONTENTS include:-
- 1 Definitions & Interpretation
- 2 Unit holding structure
- 3 Management of the company
- 4 Unit holders’ covenants
- 5 Matters requiring a special resolution of unit holders
- 6 Execution of documents
- 7 Dividends
- 8 Accounts
- 9 Encumbering Units
- 10 Insurance
- 11 Drag along and tag along options
- 12 Mediation
- 13 Non-competition
- 14 Conflicts of interest
- 15 Confidentiality
- 16 Mutual covenants
- 17 Exclusion of implied relationships
- 18 Term of agreement
- 19 Continuing rights
- 20 Notice
- 21 General provisions
This Unit Holders Agreement contains 14 pages
Includes GST
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UNIT HOLDERS AGREEMENT
What is a Unit Holders Agreement?
A unit holders agreement, also known as a unitholders agreement, is a legal document that governs the relationship between the holders of units in a unit trust. It outlines the rights, responsibilities, and obligations of the unit holders and may address various aspects of their involvement in the trust beyond what is covered in the unit trust deed.
What are the key elements?
Here are the key components typically included in a unit holders agreement:
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Rights and Obligations of Unit Holders
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Management and Control
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Transfer of Units
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Distribution Policy
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Decision-Making
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Confidentiality and Non-competition
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Exit Strategies
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Amendment and Termination
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Governing Law
A unit holders agreement is typically drafted to complement the unit trust deed and provide additional clarity and specificity regarding the rights and responsibilities of unit holders. It helps to mitigate potential conflicts and uncertainties among unit holders and ensures that the trust operates smoothly according to the agreed-upon terms. Legal professionals specializing in trust law and corporate governance often assist in drafting and negotiating unit holders agreements to ensure they align with the interests and intentions of all parties involved.
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