Kentucky Statutes 271B.7-300 – Voting trusts
Current as of: 2024 | Check for updates
|
Other versions
(1) One (1) 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 transferred to the trust, and deliver copies of the list and agreement to the corporation‘s principal office.
(2) A voting trust shall become effective on the date the first shares subject to the trust are registered in the trustee’s name. A voting trust shall be valid for not more than ten (10) 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 (10) years each by signing an extension. An extension shall be valid for ten (10) years from the date the first shareholder signs the extension agreement. The voting trustee shall deliver copies of the extension agreement and list of beneficial owners to the corporation‘s principal office. An extension agreement shall bind only those parties signing it.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 65, effective January 1, 1989.
(2) A voting trust shall become effective on the date the first shares subject to the trust are registered in the trustee’s name. A voting trust shall be valid for not more than ten (10) years after its effective date unless extended under subsection (3) of this section.
Terms Used In Kentucky Statutes 271B.7-300
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Principal office: means the office in or out of this state, so designated in writing to the Secretary of State where the principal executive offices of a domestic or foreign corporation are located. See Kentucky Statutes 271B.1-400
- Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Kentucky Statutes 271B.1-400
- Trustee: A person or institution holding and administering property in trust.
(3) All or some of the parties to a voting trust may extend it for additional terms of not more than ten (10) years each by signing an extension. An extension shall be valid for ten (10) years from the date the first shareholder signs the extension agreement. The voting trustee shall deliver copies of the extension agreement and list of beneficial owners to the corporation‘s principal office. An extension agreement shall bind only those parties signing it.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 65, effective January 1, 1989.