§ 47-1A-730 — Voting trusts--Creation--Effective date and duration.

South Dakota § 47-1A-730

• Jurisdiction: South Dakota
• Title 47: CORPORATIONS
• Ch. 47-1: SOUTH DAKOTA BUSINESS CORPORATION ACT

Text

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 voting trust beneficial owners, together with the number and class of shares each transferred to the trust, and deliver copies of the list and agreement to the corporation's principal office. A voting trust becomes effective on the date the first shares subject to the trust are registered in the trustee's name. Any limit on the duration of a voting trust must be set forth in the voting trust. A voting trust that became effective between July 1, 2005, and June 30, 2015, remains governed by the ten-year limit then in effect, unless the voting trust is amended to provide otherwise by unanimous agreement of the parties to the voting trust.

Legislative History

SL 2005, ch 239, § 113; SL 2015, ch 228, § 1.