PROPERTY TO BE HELD IN TRUST. 4.1 The parties acknowledge that the Purchaser, being a Nevada corporation cannot, under Quebec laws, hold registered title to the Claims directly. The Purchaser has incorporated a new Canadian Federally registered company (the “Subsidiary”), a wholly owned Subsidiary of the Purchaser, which was solely formed to hold registered ownership of the properties in trust for the Purchaser if legally allowed under the laws of Quebec and on the terms and conditions set forth therein.
Appears in 4 contracts
Samples: Acuisition Agreement, Acquisition Agreement (Toron Inc.), Acquisition Agreement (Toron Inc.)
PROPERTY TO BE HELD IN TRUST. 4.1 The parties acknowledge that the Purchaser, being a Nevada corporation cannot, under Quebec laws, hold registered title to the Claims directly. The Purchaser has incorporated will incorporate a new Canadian Federally registered company (the “Subsidiary”), a wholly owned Subsidiary of the Purchaser, which was is solely formed to hold registered ownership of the properties Property in trust for the Purchaser if legally allowed under the laws of Quebec and on the terms and conditions set forth therein.
Appears in 2 contracts
Samples: Acquisition Agreement, Mining Property Acquisition Agreement (Toron Inc.)
