PRE-INCORPORATION CONTRACT

PRE-INCORPORATION CONTRACT

THIS PRE-INCORPORATION AGREEMENT (hereinafter called "Agreement") is made and effective this............... day of................ 2020

BETWEEN

ABC Nigeria Ltd (First Partner), a company incorporated under Companies and Allied Matters Act with its head office located at No 4 xxxxxxx, Lagos

AND

XYZ Venture Ltd (Second Partner), a company incorporated under Companies and Allied Matters Act with its head office located at No. 4 xxxxxxxx, Lagos.

AND

LMN Concept Ltd (Third Partner), a company incorporated under Companies and Allied Matters Act with its head office located at No. 11 xxxxxxx, Lagos.

RECITAL

The First Partner now owns and operates a clothing business in Abuja known as

Fashion Centre, she would like to incorporate that business, and Second Partner

and Third Partner agree to take a certain amount of the stock in the corporation.

TERMS

1. Company has been inventories by the above-named parties and it is agreed between them that Company including all person property, namely and every use and kept in business, including all books accounts it to show a value of N30 Million net and is to be taken in by the corporation at those figures.
2. Second Partner agrees to pay in cash the amount of N45 Million, the receipt of which is acknowledged and form the date of signing this contract is an owner of an undivided one-half interest in the capital as mentioned above.
3. It is agreed to incorporate the company under the Companies and Allied Matters Act for the sum of N21 Million and that stock shall be issues in the sum of to First Partner and to Second Partner as their interest may appear.
4. It is agreed that when corporation is formed and stock issued, First Partner will sell to Third Partner amount of stock and Second Partner agrees to sell an equal amount of stock to Third Partner, the intention being that as soon as the corporation is incorporated all of the above named parties are to have an equal amount of stock in the corporation.
5. It is agreed by

IN WITNESS OF WHICH WE SET OUT OUR HANDS THE DAY FIRST ABOVE