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Members Agreement: 2 members

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Members agreement - 2 members

Summary

This Members Agreement is recommended for the mutual protection of members in a close corporation, and ensures that both the members understand their respective rights and obligations in relation to each other. 

More information

Why do I need a Members Agreement?

A Members Agreement, amongst other things, sets out the procedure to be followed if a member wishes to sell his/her members interest, if there is a deadlock in the decision-making, if a member is sequestrated or commits a breach, and policies regarding loan accounts.

What type of business should use a Members Agreement?

If your business is a close corporation with two members, this Agreement can be used between the members. 

What does the Members Agreement say?
The Agreement consists of:
  • Interpretation
  • Introduction
  • Incorporation of Corporation
  • Members’ Meetings
  • Matters requiring unanimous agreement
  • Financing of the Corporation
  • Management of the Corporation
  • Valuation
  • Life Insurance
  • Transfer of Members Interest
  • Forced Sales
  • Disputes
  • Addresses and Notices
  • Good Faith
  • Confidentiality
  • General
What does the Members Agreement look like?

The agreement can be printed onto six A4 pages.

What do you need to do to use the Members Agreement?
  • Read the document to ensure that it suits your requirements. Complete the requisite sections, making changes as required.
  • Ensure both the members sign the Agreement with each member getting a copy of the final, signed agreement.


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