Mr. Ahmadi , the founder of People’s Grocery, a nonprofit focused on food justice issues, hoped to open a commercial grocery store that would offer fresh produce in West Oakland, Calif., a so-called food desert, meaning its 25,000 residents have few healthy food options
Through the Uniform Gift to Minors Act, an adult custodian can purchase preferred stock in our company for a minor.
Our subscription agreement includes the necessary provisions for an adult custodian to title stock in the name of a minor. Here are the three things to provide in the subscription agreement to purchase stock for your children:
1. In the Title section on page 6, under Exact Name(s), write in the following “(Name of Adult) as custodian for (Name of Minor) under the California Uniform Transfers to Minors Act.”
2. In the Title section on page 6, under Investor Type, select “Minor with Adult Custodian Under Uniform Gift to Minors Act”. If you’re filling the subscription agreement out by hand and mailing it in, please write this clause in the the Investor Type line provided.
3. In the Investor information section on page 6, provide your own information as the adult custodian who is the actual purchaser of the shares.
4. The adult custodian signs the subscription agreement and remits payment on our payment page.
We’ll issue a stock certificate with the same custodial clause as stated above. When the minor turns 18 a formal transfer of stock can be made and we can issue a new stock certificate with their name as the exclusive titleholder.