Prepare an Agreement for Set-off and Cancellation of Shares with this template form for Canada. The Agreement is between two affiliated companies. Provisions of the Agreement are as follows:

• The purchase price of the shares is set off against the redemption of shares of stock held by the purchasing company in the capital of the selling company.
  
• The purchaser pays for the shares by way of a promissory note. The vendor redeems the shares and pays the redemption price also by way of promissory note. Both notes are for the same amount and set each other off.

This is a Canadian legal document in MS Word format, and is fully editable to fit your specific circumstances.