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A Deed of Adherence is a document that is used to bind a party to an already-existing Shareholders Agreement. A Shareholders Agreement is a document that describes how a company should be managed and outlines the rights and duties of the shareholders of the company.
When a party acquires shares in a company (either by way of sale or subscription), the party becomes a new shareholder or member of the company and thus should be a party to the Shareholders Agreement. Therefore, instead of executing a new Shareholders Agreement, it is more expedient to use this document to bind the new party to the existing Shareholders Agreement. Once this document is used, the new shareholder automatically becomes a party to the Shareholders Agreement.
This document supplements an existing Shareholders Agreement and can not be used alone. In other words, it should be used only when the company already has a Shareholders Agreement.
How to use this document
This document should be completed by providing all the required information. After completing the document, it should be printed and signed by all the parties to the document.
After this, each party should have at least one signed copy of this document for record purposes. The new shareholder may also be given a signed copy of the Shareholders Agreement.
The general rules of contract apply to this document. The Companies and Allied Matters Act, 2004, and the Corporate Affairs Commission (CAC) Company Regulations also apply to this document.
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