the reality is there are often far better solutions to provide shareholders the rights and protections typically contained in the sha. theses rights can usually be written to the articles of association and by-laws of the company. well and good, but when the new shareholder is large enough that shareholder might want to amend the agreement or might not even want to become party to that agreement. this means that terms in the shareholders agreement might come into conflict with articles of incorporation, by-laws, and even general corporate law.

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