entity · derived
Mbca 7 32
Derived node: assembled mechanically from the claims carrying mbca-7-32. A roster, not an adjudicated definition.
Every claim under this term
- 3017612-001 : The 1991 passage of Section 7.32 of the Model Business Corporation Act triggered a wave of state authorization of shareholder control agreements, adopted specifically to secure the validity of such ag
- 3017612-005 : Under MBCA Section 7.32 the ten year duration limit is only a default rule, unlike the corresponding limit for voting trusts, so parties who specify a longer term are permitted to have it.
- 3017612-008 : A shareholder agreement authorized under MBCA Section 7.32 ceases to be effective once the corporation's stock is listed on a national securities exchange or regularly traded in a dealer maintained ma
- 3017612-009 : MBCA Section 7.32 requires unanimity, so agreements that bind only a block of shareholders rather than all of them cannot rely on that section and must find authorization elsewhere.
- 3017612-010 : MBCA Section 7.32 requires a writing but, departing from earlier statutes, does not require the agreement to sit in the articles or bylaws, so stand alone written shareholder agreements are expressly
- 3017612-011 : 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.
- 3017612-018 : Under the MBCA a purchaser of shares who bought without knowledge of an existing shareholder control agreement may obtain rescission of the purchase.