Thank you. It is the last bit with regard to the deed that I was waiting for. I apologise for the delay in getting back to you but for some reason, this has only just popped into my inbox.
If this document is a deed which says on the face of it that it is a deed, then it must have two signatures and the signatures must be independent.
The fact that it is a deed means that it does not need any consideration for the agreement and is enforceable for 12 years.
If it has been incorrectly executed because it has one witness or non-independent witnesses (I don’t know what is the it for that each could witness the other signature) then it does not take effect as a deed but simply takes effect as an agreement which is enforceable for 6 years.
The effect of the document is the same, it is the limitation period which is different.
If this was a document for the transfer of property it would be completely invalid because that has to be done by deed. The Law of Property Act 1925 applies and it must be in writing signed by deed. A deed requires 2 valid witnesses.
In this case, it’s just the shareholders agreement as to what’s happening between shareholders and an agreement doesn’t actually need to be witnessed. Provided there is no dispute over the content, what you have is simply a document of agreement rather than a deed of agreement.
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