# kaal:claim:3017612-023

**Claim.** US law gives corporate participants wide latitude to restrict share transfers, and such restrictions are usually upheld unless their terms are unreasonable in the circumstances.

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

**Holds when.**

- restrictions imposed by articles, bylaws, or shareholder agreement

**Source quote.**

> US law gives considerable latitude to corporate participants when imposing share transfer restrictions, as restrictions will usually be sustained unless the terms are unreasonable under the circumstances.

**From.** Wulf A. Kaal, *Shareholder Agreements - National Report of the United States of America* (2017), III.2 Shareholders' Agreements on the (Limitation for the) Transfer of Shares, page 11

**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.** risk-and-incentives

**Keywords.** transfer-restrictions, reasonableness, private-ordering, share-transfers

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