In some cases, the foreign creditor may require that the right to vote (e.g., by proxy or voting trust agreement
) is exercised by it pending full payment of the loan.
The voting trust agreement
, which is subject to approval from US Federal Reserve Board, will place all Allied Bank's shares of Oceanic Holding (BVI) Limited in a trust for their eventual sale to other investors, said Allied Bank.
In addition, the physicians agreed to the creation of a voting trust agreement
When a voting trust agreement
is signed, the trustee shall prepare a list of the names and address of all owners of beneficial interest in the trust, together with the number and class of shares each transfer to the trust, and deliver copies of the list and agreement to the corporation's principal office.
A TCP approved by the CSA shall be developed and implemented by those companies cleared under a voting trust agreement
, proxy agreement, special security agreement, and security control agreement or when otherwise deemed appropriate by the CSA.
To achieve this, the foreign parent creates a special class of voting shares (usually supervoting preferred shares), all of which are held by a trustee pursuant to a voting trust agreement
. The number of votes attached to these special voting shares is equal to the number of parent company shares into which the exchangeable shares (other than those held by the foreign parent and its affiliates) are exchangeable.
Gail Laule, an SBMEI shareholder, said Sharpe requested the presence of the policemen during the takeover to assure the 'peaceful enforcement of a court order,' which affirmed the revocation of the voting trust agreement
that management had given to Tai.
Laure said a local court ruling had affirmed the revocation of the voting trust agreement
that was given to Tai which resulted in his removal as a company officer.
The US Fed approved in October last year a voting trust agreement
, which allowed Allied Bank to place shares of Oceanic Holdings in a temporary trust.