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    Setoff and Cancellation Agreement | Canada


    Prepare an Agreement for Set-off and Cancellation of Shares between two affiliated Canadian companies with this downloadable template.

    • One of the companies (selling company) sells shares to the other (purchasing company), as part of a rollover transaction.
    • 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 promissory notes are for the same amount and set each other off.
    • This legal template is available in MS Word format, and is fully editable to fit your specific circumstances.
    • This is a Canadian legal document pursuant to the Income Tax Act (Canada).
    Download Type: Microsoft Word
    Last Updated: 21-April-2021
    SKU: 6198