# kaal:claim:3017612-032

**Claim.** Because shareholder agreements are designed to displace corporate formalities such as majority rule, it is reasonable to require that the intended degree of deviation be set out explicitly in the agreement.

**Type.** normative  **Support.** argued

**Holds when.**

- agreements that deviate from default corporate norms

**Source quote.**

> When a shareholder agreement is included in the corporate charter or bylaws, it becomes subject to amendment as provided therein or by statute.

**From.** Wulf A. Kaal, *Shareholder Agreements - National Report of the United States of America* (2017), IV.1 Legal Effects on the Corporation, page 15

**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.** explicitness, drafting, majority-rule, deviation, interpretation

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