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Shareholder Agreement Between Spouses

A marriage contract is a way to describe in advance what happens to the family business when the spouses divorce. While marriage contracts are important, they are limited in scope, as they tend not to be interested in the details of a spouse`s exit from the business. For this reason, they should not be relied on entirely to protect a small business from the consequences of a divorce. The company`s statutory documents (statutory and, where applicable, shareholders` agreement) should be carefully adapted to the specific needs and circumstances of the different shareholders. For example, it may be appropriate to prevent shareholders from transferring shares to their spouse/immediate family without the prior agreement of the other shareholders, i.e. without that shareholder first having to offer these shares to the other shareholders. Board of Directors For many companies, day-to-day activities are the responsibility of the management team, with the board of directors having a strategic oversight role. In large companies, the distinction between the board of directors and the management team is obvious; However, in small businesses, they are generally the same. In the latter companies, a shareholders` agreement would generally establish specific provisions concerning the composition of the board of directors, the number of persons admitted to the board of directors, provisions relating to non-executive directors and a mechanism for the selection of directors, including a right for certain family members or shareholders with a special interest, to make certain appointments to the Board of Directors. Voting rights There are certain requirements of company legislation that provide that certain decisions require a majority vote (51%), for example.B.

a decision to increase the authorized share capital of the company, while other decisions require a majority of 75%, for example. B amendments to the articles of association of a company or modification of the name of a company. . . .


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