I am 13% shareholder in a not for profit...

Asked by whitehousehold on 23-05-2021 21:10:20
Question posted in the General Law category relating to Gauteng

I am 13% shareholder in a not for profit Pty that owns one asset (a small holding). 

What will it cost me to draft a  'sale' of the shares to my mother (for a $1 transaction) who is also one of the family shareholders residing in Johannesburg.

I just want to get this off my name as I left the country 27 years ago and not interested in maintaining all the paperwork and annual returns.

1) How much will it cost?

2) How long will it take?

3) soonest it can be done?

Regards Michelle  White520 505 1965 (text)

Information Requested by Lawyer

Posted by Att. Patrick on 25-05-2021 00:09:54

Hi there, 

I am a practicing attorney based in South Africa and I will assist you with your question. Please feel free to ask as many follow up questions in order to clarify your question. If you have a new question, you must please open a new thread.

This is a request for information so that I can understand your question and give you a proper answer.

What are the last 2 digits of the company's registration number? 07/08?

Does your current shareholders agreement contain a pre-emptive clause saying that you need to offer your shares for sale to all of the shareholders, equally? Or can you sell simply to your Mom?

Awaiting your further information.

Att. Patrick

Information Requested by Lawyer

Posted by Att. Patrick on 25-05-2021 11:00:50

Hi again,

Perhaps it would be easiest if you sent me some of the company documents to my email address, ***BLOCKED-EMAIL-ADDRESS***, so I can have a look at them?

Att. Patrick

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