They must indicate what a «majority» is in the context of the need for approval. A shareholder lender with 5% of the shares could insist that a 100% agreement is needed for the issues that are most important to it. A group of shareholders working together may decide to limit a wider range of decisions, but it agrees that only 60% of them are needed to make these decisions. Keeping the equation easy is usually the best option. Where a shareholder has not fully or partially subscribed to his share in cash within the allotted time, the remaining shares may be acquired by the other shareholders. When a cash call results in the acquisition of new shares by a shareholder, either directly or via a loan convertible into shares, it ultimately results from the dilution of the shares of shareholders who did not participate in the cash auction. It is inevitable that there will be conflicts with shareholders at some point in the management of the company. No matter how well you know your shareholder, whether he is a family member, friend or business partner, it is best to have a shareholder pact that you can refer to in the event of a conflict in your business relationship. It may provide that certain decisions of the board of directors (they generally carry out the day-to-day operations of the company) require the agreement of shareholders, especially where there are directors who are not shareholders. A shareholders` pact contains a date, often the number of shares issued, a capitalization table (or «cap») that lists the shareholders and their share of the company`s ownership, the possible restrictions on the transfer of shares, the pre-emption rights of the current shareholders for the acquisition of shares (in the case of a new issue to maintain their share of ownership) and the terms of payments in the event of a sale. A SHA may contain terms in the statutes; However, a SHA is generally larger and offers more protection to shareholders. There is no standard form that adapts HSAs flexibly to the specific needs of shareholders.
Articles and SHAs are often complementary. In many legal systems, the statutes can only be changed by the adoption of a special decision (75% or more of the shareholders present and voting at a general meeting).