Common use of TERMS AND CONDITIONS FOR SUBSCRIPTION Clause in Contracts

TERMS AND CONDITIONS FOR SUBSCRIPTION. 4.1. Subscriptions can be made by a single addressee acting as applicant for a minimum of 1 Ordinary Share at an acquisition cost of R1,050,000 (one million fifty thousand Rand) per Ordinary Share. 4.2. Subscriptions will not be regarded as complete until – 4.2.1. this document has been countersigned by the Company (which will only take place once all shares, being 7 ordinary shares, in the Company have been subscribed for); 4.2.2. the Subscriber has furnished the Company with all information required in terms of the Financial Xxxxxxxxxxxx Xxxxxx Xxx, 0000; 4.2.3. the Subscriber has executed a deed of adherence to the Shareholders Agreement; and 4.2.4. payment of the Subscription Price has been received in the Company’s Bank Account, which payment shall be made within 2 (two) Business Days of signature hereof by the Subscriber. 4.3. Only payment by electronic funds transfer will be accepted (confirmed by electronic proof of payment). 4.4. It is expressly recorded that at the time of subscribing for the Share, the Company will not yet own the Golf Villa, as defined in the MOI and the use agreement. The Subscription Price shall be used by the Company solely to make payment of the purchase price of the Golf Villa and to make payment of any associated costs. 4.5. The Directors of the Company reserve the right to accept or refuse any subscriptions, either in whole or in part, or to xxxxx any or all subscriptions in such manner as they may, in their sole and absolute discretion, determine. 4.6. The Subscriber will be notified once the Company has countersigned this document and the Share has been issued to it and a share certificate evidencing ownership of the Share will be provided to the Subscriber as soon as possible after receipt by the Company of the Subscription Price, subject to clause 4.2.1. If the Company refuses the Subscription by the Subscriber and the Subscriber has already made payment of the Subscription Price, it will refund the Subscription Price in full. 4.7. Upon receipt of the share certificate aforesaid, all ownership, risk and benefit in and to the Share shall pass to the Subscriber. The subscription date in respect of successful subscriptions shall be the date on which the Subscription Price has been received by the Company. 4.8. The Company does not provide any warranties in respect of the Shares, which Shares are subscribed for voetstoots insofar as permitted in law. 4.9. Any breach by the Subscriber or dispute arising in terms hereof shall be governed in accordance with the provisions of the MOI and/or Shareholders Agreement, whichever is applicable, notwithstanding the Subscriber not having signed those documents or a share not yet having been issued to the Subscriber in the Company..