C.  Voting
Trusts and Agreements



 



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



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



(c)  All or some of the parties to a voting
trust may extend it for additional terms of not more than ten years each by
signing written consent to the extension.  An extension is valid for ten years
from the date the first shareholder signs the extension agreement.  The voting
trustee must deliver copies of the extension agreement and list of beneficial
owners to the corporation's principal office.  An extension agreement binds
only those parties signing it. [L 2000, c 244, pt of §1]