C.  VotingTrusts and Agreements

 

[§414-161]  Voting trusts.  (a)  One ormore shareholders may create a voting trust, conferring on a trustee the rightto vote or otherwise act for them, by signing an agreement setting out theprovisions of the trust (which may include anything consistent with itspurpose) and transferring their shares to the trustee.  When a voting trustagreement is signed, the trustee shall prepare a list of the names andaddresses of all owners of beneficial interests in the trust, together with thenumber and class of shares each shareholder transferred to the trust, anddeliver copies of the list and agreement to the corporation's principal office.

(b)  A voting trust becomes effective on thedate the first shares subject to the trust are registered in the trustee'sname.  A voting trust is valid for not more than ten years after its effectivedate unless extended under subsection (c).

(c)  All or some of the parties to a votingtrust may extend it for additional terms of not more than ten years each bysigning written consent to the extension.  An extension is valid for ten yearsfrom the date the first shareholder signs the extension agreement.  The votingtrustee must deliver copies of the extension agreement and list of beneficialowners to the corporation's principal office.  An extension agreement bindsonly those parties signing it. [L 2000, c 244, pt of §1]