1
Venture Legal

I live in Canada, what language for the PACT? See details for what I put.

Asked by:
Community Member
1
0
0
Sep 19, 2023
Given I expect to be raising from LPs from Canada and USA:

"The undersigned understands that the Offering is being made without registration under any securities law in any jurisdiction, including the Securities Act of 1933 (the “Securities Act USA”), as amended, or any securities law of any state of the United States. And including in Ontario, Canada, without registration under the Securities Act, R.S.O. 1990, c.S5 (the "Securities Act ON").  The Offering is being made only to accredited investors as defined in the Securities Act ON and Securities Act USA (or in the applicable jurisdiction). [[management_company]] acknowledge that different jurisdictions have differing definitions of 'accredited/sophisticated investor' and is respecting the regulated requirements in the applicable jurisdictions."

Please provide feedback or approve.
1 answer
Accepted Answer
Nov 11, 2023
The PACT is a non-binding agreement, and, before any entities are formed, the jurisdiction does not matter, since there is no underlying entity to bind the agreement to. In general, it can be any jurisdiction, as the agreement is non-binding.

Log In or Sign Up

Please Log In, or Sign Up to participate in the discussion.

Apply to VC Lab Cohort 15

Get full access to Decile Base and the Decile Hub venture platform for free by joining the VC Lab program.

Apply to VC Lab Cohort 15