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Spousal Consent Shareholder Agreement

Spousal Consent Shareholder Agreement Template for India

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Key Requirements PROMPT example:

Spousal Consent Shareholder Agreement

"I need a Spousal Consent Shareholder Agreement for my tech startup in Bangalore, where my spouse needs to consent to my 35% shareholding and agree to tag-along rights in case of future sale; the agreement should be ready by March 2025 when we close our next funding round."

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Document background
The Spousal Consent Shareholder Agreement is essential in the Indian corporate landscape where family-owned businesses and closely-held companies are prevalent. This document becomes particularly important when shareholders are married, as Indian matrimonial laws may grant certain rights to spouses over matrimonial property, which can include shareholding. The agreement serves to clearly document the spouse's consent to share ownership arrangements, transfer restrictions, and voting rights, thereby preventing future disputes and ensuring smooth corporate operations. It is commonly used during company formations, share transfers, or when updating existing shareholder arrangements. The document must comply with both the Companies Act, 2013, and relevant personal laws applicable in India, making it a crucial instrument for corporate governance and family harmony.
Suggested Sections

1. Parties: Identification of the shareholder, their spouse, and the company

2. Background: Context of the agreement, including shareholding details and reason for spousal consent

3. Definitions: Key terms used throughout the agreement

4. Acknowledgment of Ownership: Clear statement of share ownership and any matrimonial property rights

5. Spousal Consent Provisions: Specific consent given by spouse regarding shareholding and corporate actions

6. Transfer Restrictions: Limitations on transfer of shares and requirements for future spousal consent

7. Voting Rights: Clear delineation of voting rights and decision-making authority

8. Dividend Rights: Agreement on how dividends will be treated and distributed

9. Representations and Warranties: Statements of fact by both parties regarding their capacity and authority

10. Termination: Circumstances under which the agreement can be terminated

11. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction

12. Notice Provisions: Methods and requirements for formal communications between parties

13. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.

Optional Sections

1. Pre-emptive Rights: Used when parties want to include right of first refusal on share transfers

2. Divorce Provisions: Include when parties want to specify share treatment in case of divorce

3. Tag-Along Rights: Include for minority shareholders wanting protection in case of majority share sale

4. Drag-Along Rights: Include when majority shareholders want power to force minority participation in sale

5. Death Provisions: Include when specific arrangements for shares are needed in case of death

6. Power of Attorney: Include when one party needs authority to act on behalf of the other

7. Mediation Clause: Include when parties want mandatory mediation before litigation

8. Non-Compete Provisions: Include when spouse needs to be bound by non-compete obligations

Suggested Schedules

1. Schedule 1 - Share Details: Details of shares including class, number, and distinctive numbers

2. Schedule 2 - Company Information: Company registration details, registered office, and directors

3. Schedule 3 - Existing Shareholders Agreement: Reference to or extract of relevant provisions from existing shareholders agreement

4. Schedule 4 - Board Resolutions: Copies of relevant board resolutions approving the agreement

5. Schedule 5 - Marriage Certificate: Copy of marriage certificate or proof of spousal relationship

6. Appendix A - Consent Forms: Template forms for future corporate actions requiring spousal consent

7. Appendix B - Transfer Forms: Template share transfer forms and related documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Acknowledgment and Consent
Share Ownership
Transfer Restrictions
Voting Rights
Dividend Rights
Pre-emptive Rights
Tag-Along Rights
Drag-Along Rights
Board Representation
Information Rights
Confidentiality
Non-Competition
Non-Solicitation
Representations and Warranties
Matrimonial Rights
Succession Rights
Death and Disability
Divorce Provisions
Power of Attorney
Notice Requirements
Amendment and Modification
Termination
Governing Law
Dispute Resolution
Severability
Entire Agreement
Force Majeure
Assignment
Costs and Expenses
Indemnification
Relevant Industries

Family Business

Private Equity

Technology Startups

Manufacturing

Professional Services

Real Estate

Retail

Healthcare

Education

Hospitality

Construction

Agriculture

Relevant Teams

Legal

Corporate Secretarial

Compliance

Corporate Governance

Board of Directors

Executive Leadership

Risk Management

Corporate Affairs

Relevant Roles

Company Secretary

Legal Counsel

Corporate Lawyer

Managing Director

CEO

CFO

Board Director

Compliance Officer

Corporate Governance Officer

Legal Director

Risk Manager

Company Director

Business Owner

Shareholder

Industries
Companies Act, 2013: Primary legislation governing company operations in India, including shareholder rights, share transfers, and corporate governance requirements
Indian Contract Act, 1872: Fundamental law governing contract formation and validity, essential for ensuring the enforceability of the shareholder agreement
Hindu Marriage Act, 1955: For Hindu couples, governs matrimonial rights and property relations between spouses
Muslim Personal Law (Shariat) Application Act, 1937: For Muslim couples, governs matrimonial rights and property relations between spouses
Special Marriage Act, 1954: Governs civil marriages and associated property rights, applicable to inter-religious marriages or those who choose civil marriage
Transfer of Property Act, 1882: Governs the transfer of property, including provisions relevant to transfer of shares and spousal rights
Securities Contracts (Regulation) Act, 1956: Regulates securities transactions and transfer of shares, particularly relevant for listed companies
Income Tax Act, 1961: Contains provisions regarding taxation of share transfers and joint holding of shares between spouses
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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