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If your business is planning to buy shares in another company, you'll have to fill out an application for shares and apply to the Board of Directors formally.
Read on to learn what you need to know to craft your own application for shares document, plus, where you can download free templates online.
An application for shares is a legal document by an entity requesting an allotment of shares. It is written for the shareholders and is the first step in applying for an allotment of company shares.
When this application is signed, the entity agrees to bind by the constitution of the company. The application also acts as a record for the members' registry and will detail information of the new shareholding member and the allotment of shares.
These two documents are almost identical except that one clearly states it's for an individual application and not another entity or company.
An application for shares can be a straightforward document that typically includes:
The application for shares must also contain a record-keeping component for the shareholders' registry that includes:
An application for shares document is part of a standard protocol and must be used in order for an application to be considered by a company's Board of Directors.
You may not need a lawyer to draft up an application for shares. It can be a straightforward, one-page document. That said, you may well want to get a lawyer to read a draft version for peace of mind that what you're including is watertight from a legal point of view. Read about some of your options on legal advice.
If you download a template that contains the accepted legal language and follows a standard format, it can take only a few minutes to customise it to suit your purpose.
A quick search online will give you many legal resources to choose from. Most of these websites carry a wide range of documents and contracts. You can choose from a one-time fee to download or set up an account and enjoy free downloads. Take a look at some of these:
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