# kaal:claim:3017612-011

**Claim.** The Model Act conditions the arrangement on notice to the market for shares by requiring a legend on the stock certificates that flags the agreement to purchasers of covered shares.

**Type.** condition  **Support.** evidenced

**Holds when.**

- MBCA Section 7.32 agreements

**Source quote.**

> Finally, the Model Act language requires that a legend appear on the stock certificates flagging the agreement for purchasers who buy shares covered by such an agreement.

**From.** Wulf A. Kaal, *Shareholder Agreements - National Report of the United States of America* (2017), II. Regulation of Shareholders' Agreements, page 6

**Cite as.** Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612

**Verify.** sha256 of source PDF `33821db406f92efbe1698fbaed37687595c13b7ce5463b4a879df679fd4af1ac` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Shareholder%20Agreements%20-%20National%20Report%20of%20the%20United%20States%20of%20America.pdf

**Topics.** institutional-design

**Keywords.** notice, stock-certificate-legend, mbca-7-32, share-purchasers

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