Common use of COMPANY TO BE FORMED Clause in Contracts

COMPANY TO BE FORMED. 18.1 If this agreement is entered into, by the signatory for the Purchaser in a capacity as director for a company to be formed, then the said signatory, by the signatory's signature hereto, hereby binds the signatory in favour of the Seller as surety and co-principal debtor, under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company in terms of or arising out of this Agreement or any cancellation hereof; and 18.2 Without prejudice to the aforegoing provisions, in the event of such company not being formed within 30 (thirty) days after the date of signature of this agreement by the Purchaser, and/or failing to ratify and make the provisions of this agreement binding upon itself, and/or failing within 7 (seven) days of being formed to deliver to the Conveyancers the originals or certified copies of its Memorandum of Incorporation, Certificate to Commence Business, Certificate of Incorporation, and all necessary resolutions of shareholders and/or directors in respect of this sale, in the case of a company, or of its Founding Statement, any applicable association agreement, then and in any such event, the said signatory shall be personally liable in terms hereof as if the signatory had contracted in his own personal capacity.

COMPANY TO BE FORMED. 18.1 1. If this agreement is entered into, by the signatory for the Purchaser in a capacity as director for a company to be formed, then the said signatory, by the signatory's signature hereto, hereby binds the signatory in favour of the Seller Developer as surety and co-principal debtor, under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company in terms of or arising out of this Agreement or any cancellation hereof; and 18.2 2. Without prejudice to the aforegoing provisions, in the event of such company not being formed within 30 (thirty) days after the date of signature of this agreement by the Purchaser, and/or failing to ratify and make the provisions of this agreement binding upon itself, and/or failing within 7 (seven) days of being formed to deliver to the Conveyancers the originals or certified copies of its Memorandum of Incorporation, Certificate to Commence Business, Certificate of Incorporation, and all necessary resolutions of shareholders and/or directors in respect of this sale, in the case of a company, or of its Founding Statement, any applicable association agreement, then and in any such event, the said signatory shall be personally liable in terms hereof as if the signatory had contracted in his own personal capacity.

COMPANY TO BE FORMED. 18.1 If this agreement is entered into, by the signatory for the Purchaser in a capacity as director for a company to be formed, then the said signatory, by the signatory's signature hereto, hereby binds the signatory in favour of the Seller Developer as surety and co-principal debtor, under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company in terms of or arising out of this Agreement or any cancellation hereof; and 18.2 Without prejudice to the aforegoing provisions, in the event of such company not being formed within 30 (thirty) days after the date of signature of this agreement by the Purchaser, and/or failing to ratify and make the provisions of this agreement binding upon itself, and/or failing within 7 (seven) days of being formed to deliver to the Conveyancers the originals or certified copies of its Memorandum of Incorporation, Certificate to Commence Business, Certificate of Incorporation, and all necessary resolutions of shareholders and/or directors in respect of this sale, in the case of a company, or of its Founding Statement, any applicable association agreement, then and in any such event, the said signatory shall be personally liable in terms hereof as if the signatory had contracted in his own personal capacity.

COMPANY TO BE FORMED. 18.1 34.1. If this agreement Agreement is entered into, into by the signatory for the Purchaser in a capacity as director for a company to be formed, then the said signatory, by the signatory's signature hereto, hereby binds the signatory himself/herself in favour of the Seller as surety and co-principal debtor, under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company in terms of or arising out of this Agreement or any cancellation hereof; and. 18.2 34.2. Without prejudice to the aforegoing provisionsprovisions of clause 33.1 above, in the event of such company not being formed within 30 (thirtyThirty) days after the date of signature of this agreement Agreement by the Purchaser, and/or failing to ratify and make the provisions of this agreement Agreement binding upon itself, and/or failing within 7 (sevenSeven) days of being formed to deliver to the Seller's Conveyancers the originals or notarially certified copies of its Memorandum memorandum of Incorporationincorporation, Certificate certificate to Commence Businesscommence business, Certificate certificate of Incorporation, incorporation and all necessary resolutions of shareholders and/or directors in respect of this sale, in the case of a company, or of its Founding Statementfounding statement, any applicable association agreement, then and in any such event, the said signatory shall be personally liable in terms hereof as if the signatory had contracted in his his/her own personal capacity.

COMPANY TO BE FORMED. 18.1 16.1 If this agreement is entered into, by the signatory for the Purchaser in a capacity as director for a company to be formed, then the said signatory, by the signatory's signature hereto, hereby binds the signatory in favour of the Seller Developer as surety and co-principal debtor, under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company in terms of or arising out of this Agreement or any cancellation hereof; and 18.2 16.2 Without prejudice to the aforegoing provisions, in the event of such company not being formed within 30 (thirty) days after the date of signature of this agreement by the Purchaser, and/or failing to ratify and make the provisions of this agreement binding upon itself, and/or failing within 7 (seven) days of being formed to deliver to the Conveyancers the originals or certified copies of its Memorandum of Incorporation, Certificate to Commence Business, Certificate of Incorporation, and all necessary resolutions of shareholders and/or directors in respect of this sale, in the case of a company, or of its Founding Statement, any applicable association agreement, then and in any such event, the said signatory shall be personally liable in terms hereof as if the signatory had contracted in his own personal capacity.