Question
Art, Bob and Cora each signed a pre incorporation share subscription agreement to incorporate Webco. The agreement provided that: (1) there would be a total
Art, Bob and Cora each signed a pre incorporation share subscription agreement to incorporate Webco. The agreement provided that: (1) there would be a total of 3,000 authorized shares having a par value of $10 per share; (2) Art would receive l, 000 shares at $10.00 per share. (3) Bob would purchase 500 shares at $20 per share; (4) Cora would purchase the remaining 1,500 shares at $20 per share; (5) no shareholder could, without the consent of the other two shareholders, sell Webco shares to anyone but Webco; and (6) the redemption price to be paid Webco was $20 per share. Please draft a shareholder agreement that is binding amongst the parties.
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