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NOTICE OF ASSIGNMENT OF SHARES

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NOTICE OF ASSIGNMENT OF SHARES

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000408
  • Version V 1.0
  • Last Updated 07-06-2023
  • Reviews 0
Document Summary

This notice of assignment of share(s) can be used should one or more partners of a Limited Liability Company incorporated in the United Arab Emirates would like to assign its share(s) to a third party (an individual or a company) or to another partner of the LLC.

Description

This document shall follow the procedure prescribed by Articles 79 and 80 of the UAE Federal Law N.2 of 2015 on Commercial Companies (hereinafter the “Company Law”).

A notice must be addressed to the attention of the other partners of the company. Once this notice received to the partners and upon expiration of the pre-emption period, the assignment of shares can be pursued.

In order to be effective, the assignment of shares shall be formalized by an “official document”.

The completion of this formality may require the assistance of a l lawyer.

It is important to note that the notification of this document to the partner is the starting point for the period of pre-emption.

Therefore, this notice shall be sent by registered mail, by email with acknowledgment of receipt or by hand.

Jurisdiction

This agreement is intended for use in the United Arab Emirates.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.

Before Execution

- The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.

- Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.

- Please remove the square brackets and all highlighting prior to signature.