Indiana § 28-13-7-3 Effective date; irrevocability; rights coupled with interest in shares

Indiana Statutes

§ 28-13-7-3 — Effective date; irrevocability; rights coupled with interest in shares

Indiana § 28-13-7-3

Art. 13CORPORATE GOVERNANCE

Ch. 7Voting Trusts and Agreements

This text of Indiana § 28-13-7-3 (Effective date; irrevocability; rights coupled with interest in shares) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-13-7-3 (2026).

Text

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 may not be made irrevocable for a period of more than ten (10) years after the effective date of the trust unless the voting or consenting rights granted by the trust are coupled with an interest in the shares to which the rights relate. However, if the agreement so provides, the irrevocable rights may from time to time be extended for additional periods of not more than ten (10) years each as to shares deposited under the agreement whose beneficial owners assent in writing to the extension. The rights are considered to be coupled with an interest in the shares if reserved or given for any of the following:

(1)In connection with an option, authority, or c

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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 may not be made irrevocable for a period of more than
ten (10) years after the effective date of the trust unless the voting or
consenting rights granted by the trust are coupled with an interest in the
shares to which the rights relate. However, if the agreement so
provides, the irrevocable rights may from time to time be extended for
additional periods of not more than ten (10) years each as to shares
deposited under the agreement whose beneficial owners assent in
writing to the extension. The rights are considered to be coupled with
an interest in the shares if reserved or given for any of the following:
(1) In connection with an option, authority, or contract to buy or
sell the shares or part of the shares.
(2) In connection with the pledge of the shares or part of the
shares to secure the performance or nonperformance of any act.
(3) In connection with the performance or nonperformance of any
act, or an agreement therefor, by the corporation issuing the
shares.
(4) In connection with any other act or thing constituting an
interest sufficient in law to support a power coupled with it.