kaal:claim:3017612-034

Absent explicit statutory authorization, many courts have refused to enforce veto provisions contained in shareholder agreements, which is why such provisions should be implemented through charter or bylaw amendment.

Source quote, verbatim

explicit statutory authorization, many courts have refused to enforce veto provisions in shareholders' agreements.

From

Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017), IV.1 Legal Effects on the Corporation, p. 17
https://ssrn.com/abstract=3017612 · source PDF

Cite as

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

Holds when

states without statutes specifically authorizing shareholder control agreements
veto or supermajority provisions

Classification

failuresupport: evidencedfailure: unauthorized-veto-provision-unenforceablefamily: smart-contract-bug-and-exploitgovernance-design

Verify

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Attestation record: colloquium/attestations/b777ae5f030c3ba6...json
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