Common use of Section 85 Election Clause in Contracts

Section 85 Election. The parties acknowledge and agree that the purchase and sale of the Purchased Shares contemplated by the Agreement is to be carried out in accordance with subsection 85(1) of the Act and is intended to be carried out in a tax deferred manner. The parties agree and hereby confirm that they will jointly elect pursuant to subsection 85(1) of the Act in the prescribed form and within the time referred to in subsection 85(6) of the Act, to transfer the Patents at an determined by the Vendor. The parties covenant and agree to execute and file such other documents and instruments as may be necessary or advisable to effect compliance with subsection 85(1) and such other provisions of the Act as may be applicable or appropriate.