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My mother is owns all the shares in a privately held farm…

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My mother is owns all...
My mother is owns all the shares in a privately held farm company in Saskatchewan. The share structure is set up as
1-class A voting 100 issues
2-class B non voting non issues
3-class C voting non issues
4-class D non voting 733,158 issued
5-class E voting non issued
She leaves her entire company to me in her will.
What want her to do is to issued 10 Class C shares and then will those to my daughter so in the event my daughter decides to farm with me I can pay her dividends from a separate class of shares.
My question- How do I go about getting these new shares issued?
Submitted: 7 months ago.Category: Canada Law
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Answered in 2 days by:
10/4/2017
Lawyer: CanLaw, Lawyer replied 7 months ago
CanLaw
CanLaw, Lawyer
Category: Canada Law
Satisfied Customers: 25
Experience: Lawyer
Verified

Hi,

Has your mother passed? Has the will been probated? In order to have new shares issued in the company you will need to meet and obtain legal advice from a lawyer in your area.

It is very important that that the corporate minute book is updated properly to document the transaction from your mother to you. After this transaction is documented you can have the lawyer draft the resolutions to document the issuing of new Class C shares to your daughter and then finally he can issue the new shares.

I hope that this answers your question.

thank you

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Customer reply replied 7 months ago
Mother is still alive but she can only transfer shares without payment is by a will. So basically all she does is have to record this in her minutes and notify the corporations branch in Regina? Had too much bad advice from lawyers so try to avoid them as much as possible.
Lawyer: CanLaw, Lawyer replied 7 months ago

No that is not correct. You need a lawyer to properly document the transaction in the minute book and ensure that it is done properly. A lawyer needs to review if there are restrictions on the transfers and if there is a shareholders agreement.

Based on your facts, something does not add up. If your mother is still alive, she can transfer the shares unless an agreement says otherwise. You really need to have a consultation with a lawyer in order to ensure this is done properly.

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CanLaw
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Category: Canada Law
Satisfied Customers: 25
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