Spousal Consent Stock Purchase Agreement

In order to avoid any doubt, not because the seller provides additional guarantees and does so without the consent of his spouse, this should automatically lead to the nullity of these acts. This is only the case if the securities provided would endanger the “interests of the family,” which I think would be an extraordinary thing. The transaction must always be considered in its entirety and it is up to the commission to decide whether the personal guarantees provided are disproportionate and likely to jeopardize family interests. With the agreement of the seller`s spouse, the purchaser aims to remove Article 224, paragraph 1, 4, of the Belgian Civil Code, which allows the spouse to claim in the family court the nullity of “personal guarantees provided by one of the spouses endangering the family interests”. The personal obligations of the seller under the share purchase agreement (including the obligation to compensate the insurance and guarantees provided by the seller) do not fall within the scope of Article 224, point 1, 4 of the Belgian Civil Code. This is why they cannot be declared null and void. Section 224, para. 1, 4 The Belgian Civil Code deals only with the additional guarantees that the seller would provide that would guarantee the liability or obligations of third parties (. B, for example, joint and several liability between sellers with respect to the obligation of compensation, where each seller provides more guarantees than his own share; or guaranteeing payment of debts; which were created by the acquired company. However, in practice, most AM consultants will get the consent of the seller`s spouse, even if they are not additional personal titles. Indeed, given that there is very little case law in this area, it is not clear to what extent the Tribunal will expose and apply this provision. The spousal consent form for a company, is intended to be signed by the spouse of the shareholder or by the shareholder, who confirms that they are not married.

Under the right to marry, spouses are encouraged to sign the share contracts signed by the other spouse. Finally, Article 224, paragraph 1, 4 of the Belgian Civil Code grants protection to only married persons, not roommates or roommates. This means that sellers who are not married but who live together legally or objectively do not need their partner`s consent. Most of the time, the spouse will give his consent through a separate document that the seller gives to the buyer when signing the share purchase agreement or when the transaction is concluded.