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Call Option Agreements: to execute by seal or by hand?

  • 25-08-2009 9:56am
    #1
    kronsington
    Registered Users, Registered Users 2 Posts: 2,009 ✭✭✭


    Hi all ,


    My boss has asked me to send out call option agreements to some directors of a company of which he is chairman. He has asked me to research as to whether these options should be executed by seal or by hand and also whether there may be an issue as regards consideration.

    Any advice/infor on this would be greatly appreciated, or any tips on where i can research this,


    thanks a mil

    K


Comments

  • #2
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    Dude: Depends on the detail.

    If your boss is the Chairman and the agreements are coming from his office, then they logically should be under seal. Contracts under seal have an additional lifespan etc. In addition, not having a seal is a problem under the principal act - Section 18 or 19.

    In terms of consideration - There will be issues on that front particularly when it comes to taxation, vesting arrangements and personal capital gains tax. I take it your use of the expression consideration means the contract/company law meaning and not the emotion or caution?

    I'd take advice on this from a solicitor.


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