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Shareholders Agreement Appointing a Director
A very detailed Shareholders Agreement that allows a shareholder to appoint a director, loans to the company by shareholders, and restricts decision making parameters of executive directors to parameters listed in a schedule to the agreement. Executive directors are required to disclose pre-existing commercial interests and an attached schedule lists issues requiring special majority resolution approval. A very detailed shareholders agreement suitable for large commercial enterprises where there may be one or more large investors who may not have involvement in day to day running of the company. This agreement contemplates many detailed aspects of the running of a company. This agreement contains the following clauses:
- Conditions Precedent
- Establishment of the Company and capitalisation
- Objects of the Company and basic duties of the parties
- Structure of Company
- Powers of decision
- Finance, insurance, records etc
- Additional obligations, indemnities, and guarantees
- Share issues
- Restrictions on transfer of Shares
- Third party offers
- Compulsory offer of Shares
- Confidentiality and announcements
- Protection of the business
- Dispute resolution
- Notices
- Miscellaneous
- Definitions and interpretation
29 pages long and includes gst
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Shareholder Agreements
The marginalisation of one shareholder or group of shareholders is called ‘shareholder oppression’. The shareholder oppression claims heard in Australian courts are in situations where a minority shareholder (or shareholders) are being unfairly treated by a larger (and usually a majority) shareholder. The oppressive conduct provisions of the Corporations Act are
commonly used in conjunction with a claim of breach of director’s duty or in bringing an application to wind up the company entirely. Situations in which shareholder oppression occurs may be avoided by using a minority shareholder agreement, particularly in situations where the minority shareholders are making a significant financial contribution to the company.
FULL COMMENTARY IS WITH PURCHASE OF SHAREHOLDERS AGREEMENT
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