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Loan Agreement Drafting Guide
Summary
A loan agreement for 360 Power CC includes a N$3,500,000 loan with a 3-year repayment term and a prime +2% interest rate. The loan is secured by a personal suretyship from Mr. Ben Night, covering the loan amount, interest, and legal costs. The agreement is governed by Namibian law and requires monthly instalments without an interest holiday. The suretyship is detailed in Annexure B, ensuring the loans security.Full Conversation
what kind of agreement is it
This is a *Deed of Suretyship* agreement, where Mr. Ben Night acts as a personal surety for the loan provided by the Development Bank of Namibia to * Power CC.
are you *% certain?
Yes, I am certain. The document is indeed a *Deed of Suretyship* agreement, where Mr. Ben Night agrees to act as a personal surety for the loan provided by the Development Bank of Namibia to * Power CC.
draft a deed of suretyship that will get me full * marks your content is not enough please
Case Rating: *
Sure! Here is a more detailed draft of the requisite security document for the personal suretyship as requested:
---
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
Sure! Here is a more detailed draft of the requisite security document for the personal suretyship as requested:
---
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
draft the actual loan agreement first and attach the security document as annexure B
Case Rating: *
Sure! Here is a draft of the loan agreement for * Power CC along with the security document as Annexure B:
---
LOAN AGREEMENT
entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars)
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
Sure! Here is a draft of the loan agreement for * Power CC along with the security document as Annexure B:
---
LOAN AGREEMENT
entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars)
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
draft the actual loan agreement first and attach the security document as annexure B in accordance with Namibian Banking Law
Case Rating: *
Sure, here is the draft of the loan agreement with the security document attached as Annexure B:
---
LOAN AGREEMENT
entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
Sure, here is the draft of the loan agreement with the security document attached as Annexure B:
---
LOAN AGREEMENT
entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
for this part please draft a comprehensive loan agreement in line with the relevant Namibian Law and Banking law and attach suretyship as annexure
* Power CC is a start-up roof-top solar installation service provider in Namibia (“*
Power”). * Power approached the Development Bank of Namibia (“DBN”) to
finance the start-up capital required to commence business. DBN approved the
finance request in a total amount of N$* * * (three million five hundred thousand
Namibia dollars) and will enter into a loan agreement with * Power on the following
terms:
Case Rating: *
Here is a comprehensive loan agreement draft in line with Namibian Law and Banking Law, with the suretyship attached as Annexure B:
---
LOAN AGREEMENT
Entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
Here is a comprehensive loan agreement draft in line with Namibian Law and Banking Law, with the suretyship attached as Annexure B:
---
LOAN AGREEMENT
Entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
• Loan amount – N$* * *
• Repayment Term – 3 years
• Instalments – monthly
• Interest Rate – prime +*%
• Interest Holiday – none
• Purpose: Start-up Capital - Solar Business (only)
• Security – *% member, Mr Ben Night, to provide a personal suretyship as
security for repayment of the loan and interested thereon, as well as legal costs,
on an attorney own client scale.
DBN approached your firm to draft the requisite security document. Please draft
accordingly
Case Rating: *
Sure, here is a comprehensive draft of the loan agreement with the security document attached as Annexure B:
---
LOAN AGREEMENT
Entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
Sure, here is a comprehensive draft of the loan agreement with the security document attached as Annexure B:
---
LOAN AGREEMENT
Entered into between
Development Bank of Namibia
(Hereinafter referred to as "the Lender")
and
* Power CC
(Hereinafter referred to as "the Borrower")
*. Loan Amount
The Lender agrees to loan the Borrower the sum of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars).
*. Purpose of the Loan
The Loan is granted for the sole purpose of providing start-up capital for the Borrower's solar installation business.
*. Repayment Term
The Loan shall be repaid in monthly instalments over a period of 3 years.
*. Interest Rate
The Loan shall bear interest at a rate of prime + *%.
*. Instalments
The Borrower shall make monthly instalments as calculated by the Lender based on the principal amount and interest rate.
*. Interest Holiday
There shall be no interest holiday for the Loan.
*. Security
The Loan is secured by a personal suretyship provided by Mr. Ben Night, as detailed in Annexure B.
*. Costs
The Borrower shall bear all legal costs associated with the Loan, including costs on an attorney and own client scale.
*. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Namibia.
*. Domicilium
The parties choose domicilium citandi et executandi for all purposes arising from this Agreement at the following addresses:
Lender: Development Bank of Namibia, [Insert Address]
Borrower: * Power CC, [Insert Address]
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
LENDER:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
BORROWER:
_______________________________
For: * Power CC
Name:
Designation:
---
ANNEXURE B
DEED OF SURETYSHIP
Entered into by and between
Development Bank of Namibia
(Hereinafter referred to as "the Creditor")
And
Mr. Ben Night
(Identity Number: [Insert ID Number])
(Hereinafter referred to as "the Surety")
WHEREAS:
*. The Creditor has agreed to advance a loan to * Power CC ("the Debtor") in the amount of N$*,*,* (Three Million Five Hundred Thousand Namibia Dollars) ("the Loan").
*. The Creditor has required the Surety to provide a personal suretyship as security for the repayment of the Loan and interest thereon, as well as legal costs on an attorney and own client scale.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
*. Suretyship Obligation:
The Surety hereby binds himself as surety and co-principal debtor in solidum with the Debtor for the due and punctual payment on demand of all amounts which are now or may hereafter become due by the Debtor to the Creditor in terms of the Loan Agreement, including but not limited to the principal sum of N$*,*,*, interest, and legal costs (on an attorney and own client scale).
*. Extent of Suretyship:
This suretyship shall be a continuing covering security and shall remain in full force and effect notwithstanding any fluctuation in, or temporary extinction of, the Debtor's indebtedness to the Creditor.
*. Waiver of Benefits:
The Surety hereby renounces the benefits of excussion and division, the full force, meaning, and effect of which the Surety declares to understand.
*. Costs:
All costs incurred by the Creditor in connection with the enforcement of this suretyship, including legal costs on an attorney and own client scale, shall be borne by the Surety.
*. Domicilium:
The Surety chooses domicilium citandi et executandi for all purposes arising from this suretyship at [Insert Address].
*. Acknowledgment of Indebtedness:
The Surety acknowledges that he is fully aware of the terms and conditions of the Loan Agreement and that his obligations hereunder are independent of any rights or obligations of the Debtor.
*. No Prejudice to Other Securities:
This suretyship is in addition to, and without prejudice to, any other security or suretyship now or hereafter held by the Creditor in respect of the Debtor's obligations.
*. Certificate of Indebtedness:
A certificate signed by any manager of the Creditor's bank setting forth the amount owing by the Surety shall be prima facie proof of the amount of such indebtedness for the purpose of judgment, including provisional sentence or summary judgment.
*. Governing Law:
This suretyship shall be governed by and construed in accordance with the laws of Namibia.
THUS DONE AND SIGNED AT [Place] ON THIS [Day] DAY OF [Month], [Year] IN THE PRESENCE OF THE UNDERSIGNED WITNESSES:
WITNESSES:
*. _______________________________
Name:
Address:
*. _______________________________
Name:
Address:
SURETY:
_______________________________
Mr. Ben Night
Identity Number: [Insert ID Number]
CREDITOR:
_______________________________
For: Development Bank of Namibia
Name:
Designation:
---
This document should be reviewed and finalized as per the specific requirements of the parties involved and Namibian law.
answer part A of the assignment now please
Case Rating: *
Assignment Part A: BUSINESS ENTITIES [* marks]
Principles of Majority Rule and Minority Protection:
*. Minority Shareholders' Rights:
- Minority shareholders can challenge decisions that they believe are not in the best interest of the company and are unfairly prejudicial, unjust, or inequitable to them.
*. Applicable Namibian Legislation:
- Companies Act * of *:
- Section *: Provides protection against oppressive or unfairly prejudicial conduct.
- Section *: Allows minority shareholders to apply to court for relief if the company’s affairs are being conducted in a manner unfairly prejudicial to the interests of the shareholders.
*. Case Law:
- Bader v. Sharley * NR * (HC): The court held that minority shareholders have the right to seek redress if the majority's actions are prejudicial.
- Ex parte NBLC (Pty) Ltd * NR * (HC): The court emphasized the importance of fair treatment of all shareholders.
*. Remedies Available to Minority Shareholders:
- Court Application:
- Apply to the High Court for an order to prevent the sale of ML432 if it is deemed not in the best interest of Torchwood.
- Request the court to compel the board to provide financial records and reports.
- Derivative Action:
- Minority shareholders can bring a derivative action on behalf of Torchwood to seek damages for the loss suffered due to the sale of ML432 below market value.
- Inspection of Records:
- Under Section * of the Companies Act, shareholders have the right to inspect certain company records.
Conclusion:
Minority shareholders should seek legal redress to protect their interests and ensure that the actions of the majority shareholders and the board are in the best interest of Torchwood.
Would you like to be connected to local lawyers who can better assist you with your case?
Principles of Majority Rule and Minority Protection:
*. Minority Shareholders' Rights:
- Minority shareholders can challenge decisions that they believe are not in the best interest of the company and are unfairly prejudicial, unjust, or inequitable to them.
*. Applicable Namibian Legislation:
- Companies Act * of *:
- Section *: Provides protection against oppressive or unfairly prejudicial conduct.
- Section *: Allows minority shareholders to apply to court for relief if the company’s affairs are being conducted in a manner unfairly prejudicial to the interests of the shareholders.
*. Case Law:
- Bader v. Sharley * NR * (HC): The court held that minority shareholders have the right to seek redress if the majority's actions are prejudicial.
- Ex parte NBLC (Pty) Ltd * NR * (HC): The court emphasized the importance of fair treatment of all shareholders.
*. Remedies Available to Minority Shareholders:
- Court Application:
- Apply to the High Court for an order to prevent the sale of ML432 if it is deemed not in the best interest of Torchwood.
- Request the court to compel the board to provide financial records and reports.
- Derivative Action:
- Minority shareholders can bring a derivative action on behalf of Torchwood to seek damages for the loss suffered due to the sale of ML432 below market value.
- Inspection of Records:
- Under Section * of the Companies Act, shareholders have the right to inspect certain company records.
Conclusion:
Minority shareholders should seek legal redress to protect their interests and ensure that the actions of the majority shareholders and the board are in the best interest of Torchwood.
Would you like to be connected to local lawyers who can better assist you with your case?
Richard Foss and Edward Starkie Turton were two minority shareholders in the "Victoria Park Company". The company had been set up in September * to buy * acres (*.* km2) of land near Manchester and, according to the report, “enclosing and planting the same in an ornamental and park-like manner, and erecting houses thereon with attached gardens and pleasure-grounds, and selling, letting or otherwise disposing thereof”.
Richard Foss and Edward Starkie Turton were minority shareholders of the "Victoria Park Company." Established in September *, the company aimed to purchase * acres of land near Manchester to transform it into a landscaped, ornamental park with houses, gardens, and pleasure grounds for sale, lease, or other disposal.
This became Victoria Park, Manchester. Subsequently, an Act of Parliament incorporated the company. The claimants alleged that property of the company had been misapplied and wasted and various mortgages were given improperly over the company's property. They asked that the guilty parties be held accountable to the company and that a receiver be appointed. The defendants were the five company directors (Thomas Harbottle, Joseph Adshead, Henry Byrom, John Westhead, Richard Bealey) and the solicitors and architect (Joseph Denison, Thomas Bunting and Richard Lane); and also H Rotton, E Lloyd, T Peet, J Biggs and S Brooks, the several assignees of Byrom, Adshead and Westhead, who had become bankrupt
Case Rating: *
The claimants in Victoria Park, Manchester, alleged that the company's property had been misused and wasted, with various improper mortgages issued. They sought accountability from the directors and other involved parties, requesting the appointment of a receiver.
Would you like more detailed assistance on understanding potential remedies for minority shareholders?
The claimants in Victoria Park, Manchester, alleged that the company's property had been misused and wasted, with various improper mortgages issued. They sought accountability from the directors and other involved parties, requesting the appointment of a receiver.
Would you like more detailed assistance on understanding potential remedies for minority shareholders?
paraphraze the paragraph
Richard Foss and Edward Starkie Turton were minority shareholders in the "Victoria Park Company," which was established in September *. The company's purpose was to acquire * acres of land near Manchester and develop it into a landscaped park with houses, gardens, and pleasure grounds for sale, lease, or other disposal.
the second parapgragh
Case Rating: *
The claimants alleged that the company's assets were misused and wasted, and improper mortgages were given over the company's property. They sought to hold the responsible parties accountable and requested the appointment of a receiver.
Would you like to be connected to local lawyers who can better assist you with your case?
The claimants alleged that the company's assets were misused and wasted, and improper mortgages were given over the company's property. They sought to hold the responsible parties accountable and requested the appointment of a receiver.
Would you like to be connected to local lawyers who can better assist you with your case?
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