EXHIBIT 10.16
AGREEMENT FOR THE SALE AND PURCHASE OF SHARES IN
ZHUHAI ZHONGWEI DEVELOPMENT CO. LTD.
This Agreement is made and entered into by and between:
The Seller: ▇▇. ▇▇▇ Jia Ping
The Purchaser: Mr. ▇▇ ▇▇▇▇ Quan
WHEREAS the Seller owns 600,000 shares, representing 10% of the total issued and
outstanding share capital of Zhuhai Zhongwei Development Co. Ltd. (the
"Company") and desires to sell all of and the Purchaser desires to purchase all
of such share capital.
NOW IT IS HEREBY AGREED AS FOLLOWS:-
ARTICLE I SALE AND PURCHASE
Upon and subject to the terms and conditions of this Agreement, the Seller
shall sell and the Purchaser shall purchase 600,000 shares of the Company (the
"Shares") held by the Seller.
ARTICLE II EFFECTIVE DATE
This Agreement shall be effective on January 1, 2003 and shall be binding
on all parties to this Agreement.
ARTICLE III PURCHASE PRICE
The consideration for the Shares shall be RMB600,000 (the "Purchase
Price") and shall be payable within one month from the date of this Agreement.
The Shares shall include all rights and interests attached to the Shares from
the Effective Date.
ARTICLE IV COMPLETION OF TRANSFER
The transfer of Shares shall take place at the headquarters of the
Company, except otherwise agreed by all parties concerned, the following
business shall be completed:-
(1) The Seller shall deliver or procure the delivery to the Purchaser the
following document:
(A) the share certificate for the Shares ; and
(B) the written resignation of all directors nominated by the
Seller.
(2) The Seller shall procure that a board meeting of the Company be held
to adopt the following resolutions:-
(A) appoint the nominees of the Purchaser as directors;
(B) approve the resignation submitted by the directors nominated by
the Seller and
(C) approve the registration of the transfer of Shares on the
shareholders register.
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE SELLER
1 The Seller has full corporate power and authority to execute this
Agreement and to perform its responsibility hereunder.
2 The Seller shall execute and to perform its responsibility of this
Agreement. The execution of this Agreement shall be duly and validly authorized,
and shall be legally enforceable against the Seller.
3 The Shares are validly issued, outstanding, fully paid and nonassessable.
All related stamp duty has been paid. The Shares are free and clear of all
liens, security interests, pledges or encumbrances of any kind.
4 The execution by the Seller of this Agreement and the performance by the
Seller of its responsibility under this Agreement:
(A) shall not breach any articles of association or other comparable
corporate charter documents of the Seller and the Company;
(B) shall not breach any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award or contract or agreement applicable
to the Seller and the Company or any of their assets and properties.
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
1 The Purchaser has full corporate power and authority to execute this
Agreement and to perform its responsibility hereunder.
2 The Purchaser shall execute and to perform its responsibility of this
Agreement. The execution of this Agreement shall be duly and validly authorized,
and shall be legally enforceable against the Purchaser.
3 The execution by the Purchaser of this Agreement and the performance by
the Purchaser of its responsibility under this Agreement:
(A) shall not breach any articles of association or other comparable
corporate charter documents of the Purchaser;
(B) shall not breach any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award or contract or agreement applicable
to the Purchaser or any of its assets and properties.
ARTICLE VII
CONTINUING PERFORMANCE
1 Both the Seller and the Purchaser shall execute and perform and cause or
procure to execute and perform all such other documents, acts and things as may
be required by or incidental to the preparation, execution, completion and
performance of this Agreement and the documents and transactions contemplated
hereby.
2 After the completion of the transfer, all provisions hereof shall, so far
as they remain capable of being performed or observed, continue in full force.
ARTICLE VIII
LAW AND JURISDICTION
1 This Agreement is governed by and shall be construed in accordance with
the laws of the People's Republic of China.
2 The parties irrevocably submit to the exclusive jurisdiction of the courts
of the People's Republic of China.
ARTICLE IX
MISCELLANEOUS
1 This Agreement supersedes all prior discussion and agreements between the
parties hereto with respect to the subject matter hereof and contain the sole
and entire agreement between the parties hereto with respect to the subject
matter hereof.
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2 The heading used in this Agreement have been inserted for convenience of
reference only and do not define or limit the provision hereof.
3 This Agreement shall be executed in required number of counterparts, each
of which shall be deemed an original.
Dated this 22nd day of April, 2003.
The Seller:
By: /s/▇▇▇ ▇▇▇ Ping
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▇▇▇ ▇▇▇ Ping
The Purchaser:
By: /s/▇▇ ▇▇▇▇ ▇▇▇▇
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▇▇ ▇▇▇▇ Quan
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Agreement for the Sale and Purchase of Shares in Zhuhai Zhongwei Development Co.
Ltd. by and between ▇▇▇ ▇▇▇ Ping and ▇▇ ▇▇▇▇ Quan dated April 22, 2003
(Certified English translation of original Chinese version)
The undersigned officer of China Resources Development, Inc. hereby certifies
that the foregoing is a fair and accurate English translation of the original
Chinese version of the Agreement for the Sale and Purchase of Shares in Zhuhai
Zhongwei Develoment Co. Ltd. by and between ▇▇▇ ▇▇▇ Ping and ▇▇ ▇▇▇▇ Quan dated
April 22, 2003.
/s/ ▇▇▇▇ ▇▇▇ On
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▇▇▇▇ ▇▇▇ On, Director and Financial Controller
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