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EXPLANATORY NOTES FOR THE ASSETS-FOR-SHARES AGREEMENT IN TERMS OF S42 OF THE INCOME TAX ACT
This is a robust agreement that has been drafted for entities that are selling their businesses as going concerns and structuring such in terms of s42 of the Income Tax Act.
PLEASE NOTE this agreement must be used in conjunction either with the unilaterally-applicable confidentiality undertaking that the seller may require of the purchaser, or the bi-laterally applicable confidentiality agreement that both parties may require of each other; both of the latter legal documents are available on this site and their conclusion is a suspensive condition of the sale of business agreement. Please ensure that the necessary confidentiality document is purchased and executed PRIOR to the conclusion of the sale of business agreement. Please also ensure that the necessary individual confidentiality undertaking is purchased.
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This ASSETS-FOR-SHARES AGREEMENT IN TERMS OF S42 OF THE INCOME TAX ACT:
This ASSETS-FOR-SHARES AGREEMENT IN TERMS OF S42 OF THE INCOME TAX ACT contains the following clauses:
APPENDIX 1: LEASED ASSETS
APPENDIX 2: FIXED ASSETS
APPENDIX 3: INTELLECTUAL PROPERTY
APPENDIX 4: DEBTORS
APPENDIX 5: EMPLOYEES