Nevada § 78A.070 - Shareholders' agreements: Authority to enter; effect; amendment
Full text of Nevada Nevada Revised Statutes § 78A.070 — Shareholders' agreements: Authority to enter; effect; amendment, with citation guidance and answers to common questions.
§ 78A.070. Shareholders' agreements: Authority to enter; effect; amendment
1. All shareholders of a close corporation who are entitled to vote may agree in writing
to regulate the exercise of the corporate powers and the management of the business
and affairs of the corporation or the relationship among the shareholders of the corporation. 2. An agreement authorized by this section is effective even if the agreement: (a) Eliminates a board of directors. (b) Restricts the discretion or powers of the board of directors or authorizes director
proxies or weighted voting rights. (c) Treats the corporation as a partnership. (d) Creates a relationship among the shareholders or between the shareholders and
the corporation that would otherwise be appropriate among partners. 3. If the corporation has a board of directors, an agreement authorized by this section
that restricts the discretion or powers of the board of directors: (a) Relieves directors of liability imposed by law; and (b) Imposes that liability on each person in whom the discretion or power of the board
is vested, to the extent that the discretion or power of the board of directors is governed by
the agreement. 4. A provision eliminating a board of directors in an agreement authorized by this
section is not effective unless the articles of incorporation contain a statement
to that effect. 5. A provision entitling one or more shareholders to dissolve the corporation under NRS 78A.160 is effective if a statement of this right is contained in the articles of incorporation. 6. To amend an agreement authorized by this section, all shareholders entitled to
vote must approve the amendment in writing, unless the agreement provides otherwise. 7. Subscribers for shares may act as shareholders with respect to an agreement authorized
by this section if shares are not issued when the agreement was made. 8. This section does not prohibit any other agreement between or among shareholders
in a close corporation.
Frequently Asked Questions About Nevada § 78A.070
What does Nevada Revised Statutes § 78A.070 cover?
Section 78A.070 ("Shareholders' agreements: Authority to enter; effect; amendment") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 78A.070?
A common citation format is "Nevada Revised Statutes § 78A.070" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 78A.070 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.