A Promissory Note For Shares is commonly used in South African business transactions where parties wish to structure a share purchase with deferred payment terms. This document type is particularly useful in scenarios involving business acquisitions, investment arrangements, or corporate restructuring where immediate payment for shares is not feasible or desired. The Promissory Note For Shares must comply with South African legislation, particularly the Bills of Exchange Act and Companies Act, and typically includes detailed information about payment terms, share specifications, transfer conditions, and security arrangements. It provides a legally enforceable mechanism for both the promise of payment and the eventual transfer of shares, making it a valuable tool in corporate and investment transactions.
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1. Parties: Identification of the Maker (promissor) and the Payee (promissee), including full legal names, registration/ID numbers, and addresses
2. Background: Brief context of the transaction and relationship between the parties
3. Definitions: Key terms used in the document, including 'Shares', 'Payment Date', 'Interest Rate' if applicable
4. Promise to Pay: Unconditional promise to pay a specific sum of money, including the amount, currency, and payment date(s)
5. Share Details: Specific details of the shares including company name, class of shares, number of shares, and nominal value
6. Payment Terms: Details of how and when payments will be made, including installments if applicable
7. Transfer of Shares: Mechanism and timing for the transfer of shares upon payment
8. Interest: Interest rate, calculation method, and payment schedule if applicable
9. Default Provisions: Consequences of default and remedies available to the payee
10. Signatures: Execution block with date and signatures of all parties
1. Security: Include when additional security or collateral is provided for the promise
2. Representations and Warranties: Include when specific assurances about the shares or parties' authority are needed
3. Transfer Restrictions: Include when there are limitations on the transfer of the note or shares
4. Tax Provisions: Include when specific tax implications need to be addressed
5. Prepayment Terms: Include when early payment options are allowed
6. Currency Provisions: Include for cross-border transactions or when currency risk needs to be addressed
7. Shareholder Rights: Include when addressing voting rights or dividends during the note period
1. Share Certificate Details: Copy or details of the relevant share certificates
2. Payment Schedule: If payments are to be made in installments, detailed payment dates and amounts
3. Company Information: Relevant company documents proving share ownership and authority to transfer
4. Security Documents: If applicable, documents relating to any security or collateral provided
5. Board Resolution: Company resolution authorizing the transaction if the maker is a company
Relevant legal definitions
Maker
Payee
Shares
Company
Principal Amount
Interest Rate
Payment Date
Due Date
Business Day
Default
Event of Default
Share Certificate
Transfer Date
Transfer Secretary
Effective Date
Maturity Date
Interest Payment Date
Security
Governing Law
Outstanding Amount
Payment Schedule
Share Transfer Form
Companies Act
Transfer Restrictions
Permitted Transferee
Board of Directors
Company Secretary
Share Register
Securities Register
MOI
Shareholder Rights
Dividends
Voting Rights
Encumbrance
Material Adverse Change
Notice
Prepayment
Default Interest
Business Hours
Bank Account
Transfer Documents
Signature Date
Implementation Date
CIPC
JSE
Prescribed Rate
South African Reserve Bank
Completion
Conditions Precedent
Payee
Shares
Company
Principal Amount
Interest Rate
Payment Date
Due Date
Business Day
Default
Event of Default
Share Certificate
Transfer Date
Transfer Secretary
Effective Date
Maturity Date
Interest Payment Date
Security
Governing Law
Outstanding Amount
Payment Schedule
Share Transfer Form
Companies Act
Transfer Restrictions
Permitted Transferee
Board of Directors
Company Secretary
Share Register
Securities Register
MOI
Shareholder Rights
Dividends
Voting Rights
Encumbrance
Material Adverse Change
Notice
Prepayment
Default Interest
Business Hours
Bank Account
Transfer Documents
Signature Date
Implementation Date
CIPC
JSE
Prescribed Rate
South African Reserve Bank
Completion
Conditions Precedent
Clauses
Promise to Pay
Share Transfer
Payment Terms
Interest
Default
Security
Representations and Warranties
Conditions Precedent
Share Details
Transfer Mechanics
Rights and Obligations
Notices
Governing Law
Dispute Resolution
Assignment
Prepayment
Events of Default
Remedies
Costs and Expenses
Amendments
Severability
Entire Agreement
Force Majeure
Confidentiality
Successors and Assigns
Waiver
Shareholder Rights
Tax Provisions
Currency
Further Assurance
Share Transfer
Payment Terms
Interest
Default
Security
Representations and Warranties
Conditions Precedent
Share Details
Transfer Mechanics
Rights and Obligations
Notices
Governing Law
Dispute Resolution
Assignment
Prepayment
Events of Default
Remedies
Costs and Expenses
Amendments
Severability
Entire Agreement
Force Majeure
Confidentiality
Successors and Assigns
Waiver
Shareholder Rights
Tax Provisions
Currency
Further Assurance
Relevant Industries
Financial Services
Investment Banking
Private Equity
Corporate Services
Legal Services
Professional Services
Manufacturing
Technology
Real Estate
Mining
Retail
Healthcare
Agriculture
Energy
Telecommunications
Relevant Teams
Legal
Finance
Corporate Secretariat
Treasury
Compliance
Risk Management
Corporate Finance
Mergers & Acquisitions
Investment
Governance
Relevant Roles
Chief Financial Officer
Financial Director
Corporate Lawyer
Legal Counsel
Company Secretary
Investment Manager
Corporate Finance Manager
Mergers & Acquisitions Director
Treasury Manager
Risk Manager
Compliance Officer
Investment Banker
Private Equity Manager
Share Transfer Secretary
Corporate Governance Officer
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