Legal document outlining terms between 2 shareholders, including ownership, management, and decision-making
This Shareholders’ Agreement is intended to be used in conjunction with the Short Standard Form of the Memorandum of Incorporation for Profit Companies.
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Yes. The Word file is fully editable, so you can change the wording, add or remove clauses and insert your own details to suit your situation.
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Shareholders Agreement Contract Template - 2 Shareholders - South Africa
R 1,014.15
A shareholders agreement template South Africa companies can use where two shareholders own the business and there is no tie-breaker.
Short Standard Form MOI for Profit Companies
Summary A Shareholders' Agreement may be considered for the mutual protection of shareholders in a private company incorporated for profit, and strives to ensure that both the shareholders understand their respective rights and obligations in relation to each other.
This Shareholders' Agreement is intended to be used in conjunction with the Short Standard Form of the Memorandum of Incorporation for Profit Companies.
See also: Shareholders' Agreement - long form MOI
Why do I need a Shareholders' Agreement? A Shareholders' Agreement, amongst other things, strives to set out the procedure to be followed in respect of the appointment of Directors, Board and Shareholder meetings, the sale of shares, the commission of a breach, policies regarding loan accounts, and other company-related issues.
What does the agreement say? The Agreement consists of: Definitions and Interpretation; Introduction; Articles of Association; Working Capital; Loan Accounts and Indebtedness; Guarantees; Directors; Shareholders; Matters requiring Unanimous Consent; Value of Shares; Sale of Shares; Come Along; Tag Along; Transfer of Shares to Family; Forced Sales; Notices; Confidentiality; General.
What does the agreement look like? The template agreement can be printed onto eleven pages.
What do you need to do to use the agreement?
Also viewed: Sale of Shares Agreement
When preparing a Shareholders' Agreement, a working knowledge of the Companies Act is recommended and accordingly a specialist’s advice should be sought.
Your Memorandum of Incorporation sets out how the company works. A shareholders agreement sets out how the two of you work with each other, and that is a different question.
With two shareholders it matters even more, because there is no third party to break a tie. A 50/50 split with nothing written down is the most common way a good business ends up stuck.
Two shareholders in a South African private company who want the ownership arrangements recorded in short form, alongside the MOI.
A shareholders agreement is a template for you to adapt, not legal advice on your company. Under the Companies Act a shareholders agreement must be consistent with the Act and the MOI, and anything inconsistent is void, so it is worth having an attorney check your final version against your MOI before you both sign.
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