§ 130-C — Voting trustees and voting trust agreements

New York § 130-C

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 4-A: Trust Indentures and Interests Therein

Text

§ 130-c. Voting trustees and voting trust agreements. 1. No trustee or\nmember of a committee or the attorney of such trustee or committee or\nany employee of either shall be eligible to become a voting trustee or\nan officer or director of a corporation to be formed or used under a\nplan of reorganization to acquire title to property previously\nadministered by such trustee or committee unless the facts with respect\nto their previous connection with the property are disclosed to the\ncourt and the affirmative approval of the holders of at least fifty-one\nper centum of the mortgage investments is obtained or unless a plan of\nreorganization approved by the court in proceedings under section one\nhundred and twenty-two of this chapter shall so provide.\n 2. No agreement appointing trustees to vote the stock of any\ncorporation formed or used under a plan of reorganization of property\nshall be valid for a longer term than five years and unless it has been\nsubmitted to and approved by the court and no trustees appointed by such\nagreement shall continue to act thereunder after the expiration of its\nterm, unless and until a new or an extension agreement has been entered\ninto and received the affirmative approval of the holders of at least\nfifty-one per centum of the stock.\n 3. No salary or other compensation shall be paid to any voting trustee\nor any officer or director of a corporation formed or used to acquire\nthe title to property in or through reorganization unless the same has\nbeen approved by the court.\n