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Thread: Sale of members interest document template

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    Sale of members interest document template

    Hi
    I am buying the 25% interest of the only other member of our cc. I understand I have to resubmit for new CK docs, but what kind of invoice/receipt is required as "proof of sale"? Is there a template or example of sorts for special content?
    We had no written contract other than the original interest share CK application. Yes I now know it was risky, but we seem to have managed 5 years this way so I want to end it in good spirit as well :-)

    Thanks
    Dolf

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    Diamond Member Justloadit's Avatar
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    All you need is a resignation as a member of the CC, indicating the amount of shares, with I would say 2 witnesses that verify that he has signed. Your accountant can then do the submission for you, siting the new members and share holding. Not sure what document is required, but that's all there is.

    Keep the copy of the payment as a precautionary measure along with a certified copy of the resignation. In this way there can be no reversal at a later stage by the member concerned.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    dolf.steyn@gmail.com (28-Feb-12)

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    Email problem BusNavig8's Avatar
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    You would need a resolutution as any changes in a corporate structure need a resolution. A would strongly suggest drawing up an agreement. All things that start well don't always end well.

    Its true at CIPC only need a CK2 but the Act requires a Resolution.

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    Justloadit (07-Mar-12)

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by BusNavig8 View Post
    You would need a resolutution as any changes in a corporate structure need a resolution. A would strongly suggest drawing up an agreement. All things that start well don't always end well.

    Its true at CIPC only need a CK2 but the Act requires a Resolution.
    Missed that one, but yes a resolution is required for any structural changes in the organization.

    In fact you need a minimum of one resolution per year for any CC, a meeting must take place, including minutes, where members accept and resolve to accept the audited books and to maintain the auditors doing the books for the next year - if I am not mistaken.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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