What is the difference between the Shareholders Agreement and the Articles of Association?

• Articles of Association: Public document registered at the Companies Registry that governs the general and legal operation of the company with regard to third parties.
• Shareholders Agreement: A private and confidential document signed by all partners and investors. It regulates in detail the internal relationships, business control, minority shareholder protection, and exit clauses and share transfer provisions. It takes precedence over the Articles of Association in the internal sphere.

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