The Promissory Note For Shares is commonly used in Australian business transactions where immediate payment for shares is not feasible or desired. This document type is particularly relevant in situations involving share transfers, company restructuring, employee share schemes, or investment arrangements. It provides a structured way to document the obligation to pay for shares while ensuring compliance with Australian corporate law requirements. The document typically specifies the share details, payment terms, interest rates, and any security arrangements. It's especially useful in private company contexts, family business transfers, and startup investment scenarios where staged payment for shares is advantageous. The instrument must comply with both federal legislation (such as the Corporations Act 2001) and state-specific requirements, making it a sophisticated legal tool for corporate finance transactions.
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1. Parties: Identifies the Maker (person promising to pay) and the Payee (person to whom payment is promised), including full legal names and addresses
2. Background: Brief context of the transaction and relationship between the parties
3. Definitions: Key terms used in the document, including 'Shares', 'Principal Sum', 'Interest Rate', and other relevant terms
4. Promise to Pay: The fundamental promise to pay, specifying the principal amount, payment date(s), and share details
5. Share Details: Specific information about the shares including class, number, and company details
6. Interest: Interest rate, calculation method, and payment frequency
7. Payment Terms: Details of how and when payments will be made, including installment provisions if applicable
8. Default Provisions: Consequences of default and remedies available to the Payee
9. Security: Details of any security or collateral backing the promise
10. Transferability: Terms regarding whether and how the note can be transferred or assigned
11. Governing Law: Specification that Australian law governs the agreement
12. Execution: Signature blocks and execution requirements
1. Prepayment Terms: Include when early payment is allowed, specifying any penalties or discounts
2. Share Transfer Restrictions: Include when there are specific restrictions on transferring the underlying shares
3. Shareholder Rights: Include when the note holder has specific rights regarding the shares before transfer
4. Tag-Along Rights: Include when other shareholders have rights to participate in share transfers
5. Corporate Actions: Include when addressing how corporate actions (splits, consolidations, etc.) affect the share promise
6. Guarantor Provisions: Include when a third party is guaranteeing the promise
7. Tax Provisions: Include when specific tax arrangements need to be addressed
8. Notice Provisions: Include when specific notice requirements are needed beyond standard communication
1. Share Certificate Details: Details of share certificates including certificate numbers and share class specifications
2. Payment Schedule: If installment payments are involved, detailed schedule of payment dates and amounts
3. Company Information: Detailed information about the company whose shares are involved
4. Interest Calculation Examples: Examples showing how interest is calculated under various scenarios
5. Security Documents: If applicable, details of security or collateral arrangements
6. Share Valuation: If relevant, methodology and details of share valuation
Relevant legal definitions
Business Day
Company
Completion Date
Default Event
Default Interest Rate
Due Date
Encumbrance
Event of Default
Governmental Agency
Interest Rate
Issue Date
Maker
Maturity Date
Outstanding Amount
Payee
Payment Date
Principal Sum
Promissory Note
Related Body Corporate
Relevant Interest
Security Interest
Share Certificate
Shares
Share Transfer Form
Specified Rate
Transfer Date
Transfer Documents
Transferee
Transferor
Underlying Shares
Company
Completion Date
Default Event
Default Interest Rate
Due Date
Encumbrance
Event of Default
Governmental Agency
Interest Rate
Issue Date
Maker
Maturity Date
Outstanding Amount
Payee
Payment Date
Principal Sum
Promissory Note
Related Body Corporate
Relevant Interest
Security Interest
Share Certificate
Shares
Share Transfer Form
Specified Rate
Transfer Date
Transfer Documents
Transferee
Transferor
Underlying Shares
Clauses
Promise to Pay
Share Details
Payment Terms
Interest
Security
Default
Acceleration
Representations and Warranties
Share Transfer
Assignment
Notices
Governing Law
Dispute Resolution
Amendment
Severability
Entire Agreement
Force Majeure
Costs and Expenses
Stamp Duty
Registration
Confidentiality
Further Assurance
Time of Essence
Waiver
Execution
Share Rights
Corporate Actions
Transfer Restrictions
Share Details
Payment Terms
Interest
Security
Default
Acceleration
Representations and Warranties
Share Transfer
Assignment
Notices
Governing Law
Dispute Resolution
Amendment
Severability
Entire Agreement
Force Majeure
Costs and Expenses
Stamp Duty
Registration
Confidentiality
Further Assurance
Time of Essence
Waiver
Execution
Share Rights
Corporate Actions
Transfer Restrictions
Relevant Industries
Financial Services
Professional Services
Investment Banking
Private Equity
Venture Capital
Corporate Services
Legal Services
Business Consulting
Real Estate Investment
Technology Startups
Family Business
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Corporate Secretariat
Compliance
Treasury
Risk Management
Share Registry
Corporate Development
Investment
Board of Directors
Relevant Roles
Chief Financial Officer
Company Secretary
Corporate Lawyer
Investment Manager
Financial Controller
Compliance Officer
Corporate Director
Share Registry Manager
Legal Counsel
Investment Banker
Business Development Manager
Corporate Finance Manager
Private Equity Manager
Venture Capital Manager
Risk Manager
Treasury Manager
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