An SHA may contain terms found in the statutes; However, a SHA is generally larger and offers greater protection to shareholders. There is no standard form that makes SHAs flexible to meet the specific needs of shareholders. Articles and ASAs are often complementary. In many jurisdictions, the articles of association can only be amended by a special decision (75% or more of the shareholders present and voting at a general meeting). However, a SHA often requires unanimous agreement for its revision, but may also require the approval of the super-majority (a number of votes well in excess of half of the voting shares, but less than 100%). A SHA usually deals with share transfers. The three types of transfers of units that are normally covered are: (1) permitted; (2) voluntarily; and 3) automatically. The preferential subscription right, the most fundamental and common form of dilution percentage protection, gives shareholders the right, but not the obligation, to purchase in the future new shares issued by a company on a pro rata basis in order to maintain their proportional ownership of shares. This right may apply to all classes of shares or only to certain classes of shares. All shareholders are entitled to financial and management reports of the company, usually provided annually. Larger shareholders may be granted the right to report monthly or quarterly. Larger shareholders can also negotiate the right to access company documents, including company visits, personal interviews with company executives, and the ability to copy records.
Until 1991, the brothers had concluded a partnership agreement. This agreement provided for certain „authorized transmissions“ by which the brothers could transfer their stock (1) among themselves, (2) to their respective descendants and (3) to trusts for the benefit of their descendants. As for all the other lifetime transfers the brothers wanted to make, they had to grant the company the right of pre-emption to buy shares before looking for a third-party buyer. . . .