§ 7-107-301 — Voting trusts

(1) 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 and by 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 transferred to the trust, and
promptly cause the corporation to receive copies of the list and agreement.
Thereafter, the trustee shall cause the corporation to receive changes to the list
promptly as they occur and amendments to the agreement promptly as they are
made.

(2) 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 (3) of this
section.

(3) 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 an extension agreement and
obtaining the trustee's written consent to the extension. An extension is valid for
not more than ten years after the date the first shareholder signs the extension
agreement, unless such signing occurs within two years before the expiration date
of the voting trust as originally fixed or as last extended, in which case the
extension is valid for not more than ten years after the expiration date of the voting
trust as originally fixed or last extended. The trustee shall cause the corporation to
receive copies of the extension agreement. An extension agreement binds only
those parties signing it.

Legislative History

Source: L. 93: Entire article added, p. 776, � 1, effective July 1, 1994.