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Association Agreement Close Corporation

The Association Agreement shall in principle lay down all the rights and obligations of each member. It determines the percentage of membership in the Close Corporation each member, what each member can and cannot do, can and cannot, voting rights, essentially everything that governs the agreement between the members and Close Corporation. One of the most important issues to deal with in an association agreement is what should happen if a member wishes to leave Close Corporation and dispose of their shares. This also applies in the event of the death of a member. In addition, the agreement must define what will happen to the member`s interests if the members decide to close (cancel) or sell Close Corporation. By “what to do with a member`s interest,” we first see the value of the interest; The agreement must specify how this value is determined and the exact time of the determination of this value (e.g. the day of resignation); And by whom the value is determined. What is the agreement? The agreement can be printed on eight pages. The Association Agreement is an agreement like any other and must be signed by all parties. It must be initialled from each page by each member and witness, and the last page must be fully signed. Make sure that each member has a copy of the agreement and that the original is kept safe, preferably off-premises. As there is disagreement among Committee members, opportunities are relatively limited.

If there is an association agreement, it may be governed by that agreement. Otherwise, it is possible to lodge an application with minority members within the meaning of section 49 of the Act, according to which the Tribunal may order the correction of the minority member`s complaint (this is not an easy way). In appropriate circumstances, a member may also apply for the liquidation of the CC. Would you like to sign a new association agreement? There are good reasons for this. It regulates relations between members of a company of close capital. He tries to make sure you still talk to each other after a few years. It is essential that members of a close capital company sign a contract of association, preferably at the beginning of the relationship. . . .

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