SHAREHOLDER DECLARATION Clause Samples
A Shareholder Declaration is a formal statement made by shareholders outlining their intentions, agreements, or positions regarding specific matters related to the company. This clause typically requires shareholders to declare their ownership interests, voting intentions, or consent to certain corporate actions, such as approving a merger or electing directors. By documenting these declarations, the clause ensures transparency and legal certainty in shareholder decisions, helping to prevent disputes and clarify the official stance of shareholders on key issues.
SHAREHOLDER DECLARATION. The Purchaser, being the sole shareholder of the Corporation, hereby declares that in accordance with the Business Corporations Act (Ontario):
(a) the powers and discretions of the directors of the Corporation to consent to the transfer of the issued and outstanding shares in the capital of the Corporation, including, without limitation the T&T Shares, is hereby restricted to the fullest extent permitted by law and the directors are hereby relieved of their duties and liabilities in connection therewith; and
(b) the Purchaser shall have the sole right, power, discretion and authority to consent to the transfer of the issued and outstanding shares in the capital of the Corporation, including, without limitation, the T&T Shares. Without in any way limiting the provisions of this Agreement, the Purchaser hereby consents to any transfer of the T&T Shares made in accordance with this Agreement and the Vendors are hereby irrevocably appointed the lawful attorney and proxy of the Purchaser for the purpose of providing any further consent or authorization which may be required from time to time to give effect to the provisions of this Agreement, including, without limitation, the transfer of the T&T Shares. The within declaration may not be revoked by the Purchaser during the currency of this Agreement without the prior written consent of the Vendors, which consent may be unreasonably and arbitrarily withheld.