Share Purchase Agreement
An agreement between two parties in which the seller agrees to sell the stated number of shares to the buyer at a particular price.
Description
Documents required for a share purchase agreement
Share transfer form – After completion, the seller of the shares must handover to the buyer ie a signed share transfer form setting out the shares being transferred and the consideration received.
Share certificate – The company requires to cancel the seller’s existing share certificate and gives new share certificates according to the new shareholdings.
Letter of resignation – If the seller resigns from the company, the seller must hand over the resignation letter prior to or on completion.
Notification to ASIC – Once a share sale has been effected, the company requires to notify the ASIC (application-specific integrated circuit) within 28 days of the change. This can be done by Form 484, which is available on the ASIC website.
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