(c) All or some of the parties to a voting trust may extend it for additional terms of not more than ten years each by signing written consent to the extension.
at 5:80-81 (mentioning matters ordinarily cover in a voting trust: how trustees are to be selected and how vacancies among the trustees are to be filled, whether trustees can be removed, the responsibility and liability of the trusties for their actions, circumstances in which the trust can be amended or terminated, if trustees may elect themselves as directors or officers of the corporation, if the voting rights are limited to some decisions or if they include fundamental corporate changes, etc).
(129) The Model Business Corporation Act does not explicitly state that the agreement must be in writing but the requirement could be clearly understood from the context of the following provision: "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 provision of the trust".
ACT [section] 730 (a) (2005) (providing that "[o]ne 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 provision of the trust").
It provides that: "(b) A voting trust becomes effective on the date the first shares subject to the trust are registered in the trustee's name.
Voting trusts were populated by powerful, experienced monitors who sought to protect the interests of both bondholder and stockholder.
Cushing, Voting Trusts: A Chapter in Modern Corporate History (New York, 1927), 15.
The voting trust was first used in connection with the railroad consolidations and reorganizations between the Civil War and 1880, but not until the late eighties and nineties was it popularized by the railroad reorganizations of the period.
The purpose of the voting trust was clear: to create a vigilant and active set of monitors to safeguard investors' interests.
Ordinarily, the object aimed at in a voting trust has been the protection of bondholders, not indeed by actually improving in any technical manner the status of their securities, but chiefly by procuring for them such practical advantage as may arise from a well considered conduct of a corporation's affairs.(69)
It is rather noteworthy that the voting trustees appear to be little concerned to give prominence to their own part in the work [putting] 'this large concern on its feet.' It would be difficult to find a stronger list of names than that comprising the voting trust, it consisting of J.
The most obvious symbol of the new regime was the voting trust, which sought to provide a more effective monitoring vehicle than a host of dispersed shareholders.