The Revised Act Authorizes Shareholders in Closely Held Corporations to Adopt

question 60

Multiple Choice

The Revised Act authorizes shareholders in closely held corporations to adopt shareholder agreements that depart from statutory norms by altering the governance of the corporation. These agreements:

• A) are effective if adopted by a majority of the shareholders.
• B) are valid for the life of the corporation unless a new agreement is reached.
• C) are binding on shareholders, the state, creditors, and other third parties.
• D) terminate automatically if the corporation's shares are traded publicly.

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