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:

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DShareholder agreements in closely held corporations that depart from statutory norms are typically designed to be flexible and adaptable to the specific needs of the shareholders. Such agreements terminate automatically if the corporation's shares become publicly traded, as the governance of publicly traded companies is subject to more stringent regulatory standards and the agreements would conflict with those standards. Additionally, these agreements become effective if adopted by a majority of the shareholders, reflecting the democratic principle that the will of the majority should guide the corporation's governance within the bounds of the law and the agreements themselves.

The Revised Act Authorizes Shareholders in Closely Held Corporations to Adopt