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<section article="gca" article_name="Corporations and Associations" number="4-401" title_number="4" title_name="Close Corporations" subtitle_number="4" subtitle_name="Stockholders">
  <level label="a">
    <text>Under a unanimous stockholders’ agreement, the stockholders of a close corporation may regulate any aspect of the affairs of the corporation or the relations of the stockholders, including:</text>
    <level label="1">
      <text>The management of the business and affairs of the corporation;</text>
    </level>
    <level label="2">
      <text>Restrictions on the transfer of stock;</text>
    </level>
    <level label="3">
      <text>The right of one or more stockholders to dissolve the corporation at will or on the occurrence of a specified event or contingency;</text>
    </level>
    <level label="4">
      <text>The exercise or division of voting power;</text>
    </level>
    <level label="5">
      <text>The terms and conditions of employment of an officer or employee of the corporation, without regard to the period of his employment;</text>
    </level>
    <level label="6">
      <text>The individuals who are to be directors and officers of the corporation; and</text>
    </level>
    <level label="7">
      <text>The payment of dividends or the division of profits.</text>
    </level>
  </level>
  <level label="b">
    <text>A unanimous stockholders’ agreement may be amended, but only by the unanimous written consent of the stockholders then parties to the agreement.</text>
  </level>
  <level label="c">
    <text>A stockholder who acquires his stock after a unanimous stockholders’ agreement becomes effective is considered to have actually assented to the agreement and is a party to it:</text>
    <level label="1">
      <text>Whether or not he has actual knowledge of the existence of the agreement at the time he acquires the stock, if acquired by gift or bequest from a person who was a party to the agreement; and</text>
    </level>
    <level label="2">
      <text>If he has actual knowledge of the existence of the agreement at the time he acquires the stock, if acquired in any other manner.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>A court of equity may enforce a unanimous stockholders’ agreement by injunction or by any other relief which the court in its discretion determines to be fair and appropriate in the circumstances.</text>
    </level>
    <level label="2">
      <text>As an alternative to the granting of an injunction or other equitable relief, on motion of a party to the proceeding, the court may order dissolution of the corporation under the provisions of Subtitle 6 of this title.</text>
    </level>
  </level>
  <level label="e">
    <text>This section does not affect any otherwise valid agreement among stockholders of a close corporation or of any other corporation.</text>
  </level>
</section>
