Notary option agreement


Attorney Bill Bronchick explains Lease/Option and Contract for Deed

Since 1 January bigger transactions on assignment of shares and loan transactions must be certified by a notary. We asked Marius Strackaitis, the President of the Lithuanian Chamber of Notaries, to comment some issues related to new duties. Upon signing of a stock assignment agreement number of shares being transferred is not always known in advance.

What should be done if a number and price of shares are not known? It is stipulated in the Law on Companies that, apart from other conditions, number of shares being transferred and their par value should also be specified in the stock assignment agreement; and the agreement that does not contain such information shall be considered invalid. Such requirement would not be applied to conclusion of the stock assignment agreement at a regulated market.

Parties may agree to pay a sale price of shares later, i.

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Terms and conditions upon fulfillment of which price of shares is paid by parties shall be stipulated in such agreement. Therefore, in this case share ownership is not transferred at the moment of notary option agreement of the stock sale and purchase agreement, notary option agreement the full price of shares is not paid part of the price could be paid. For instance, a concentration permit should be obtained from the Competition Council, whether requirements mutually agreed upon by parties of the stock sale and purchase agreement are fulfilled.

Parties may, for instance, agree that a seller of shares must separate part of business from a company prior to assignment of share ownership; a company must reach certain turnover. Upon fulfillment of conditions stipulated in the agreement parties shall sign a document corresponding to a certificate of transfer and acceptance of shares and pay the price of shares.

Should options be certified by notaries? A stock option grants the right to an option taker to purchase a set number of company shares from an option giver for a particular price, taking into account terms and conditions of an option agreement.

Such transaction may be effected in standard written form. However, if during execution of the right granted by the option number of shares being sold or purchased meets criteria stipulated by laws, the stock sale and purchase agreement shall be concluded notarially. Should an agreement, where a deferred payment or other provisions conforming to loan relations in substance, be certified by a notary?

notary option agreement

Agreement on sale and purchase of goods or other movable things by instalments is made in standard written form.

And if a real thing is the subject of the agreement, such agreement shall be executed notarially in accordance with laws.

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Should agreement be certified by notaries if parties decide to apply law of another country to an agreement? State borders are no longer an impediment to conclusion of securities transfer agreements.

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Being persons authorized by the state, notaries may only carry out their activities on the territory of the Republic of Lithuania. However, upon performance of a legal inquiry a notary may actually certify an agreement on sale and purchase of shares of the Lithuanian company even if parties choose the law of a foreign country as the applicable law.

Undoubtedly, it is more complex to certify such a transaction as to do that a notary must both be aware of application of standards of international private law and content of the applied foreign law.

notary option agreement

However, parties must have a reasonable interest and be bound by general civil law principles to choose applying the law of another country. In addition, it would not constitute a ground for refusal to apply imperative legal provisions of the state, which this agreement is associated with.

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Therefore, the choice to apply the law of a foreign country to the agreement must no be based on avoidance of application of a notarial form mandatory in Lithuania to sale of shares in options and video trading cases, stipulated by laws.

So, if shares are paid by real estate located in Lithuania, the law of the place of location of such real estate, i.

notary option agreement

Such transaction shall be executed notarially. Thus, in this case the stock sale and purchase agreement shall be entered into based on both the law of a certain foreign state and the law of the Republic of Lithuania that regulates the moment of transfer of ownership of real estate and other issues related to proprietary right.

In other cases to settle an issue related to selection of application of the foreign law notary option agreement the stock assignment transaction by parties particular circumstances shall be evaluated and then associated with applicable standards of international private notary option agreement. Parties may agree upon application of the law of several states to their agreement.

notary option agreement