b) A voting trust becomes effective on the date the first shares subject to the trust are registered in the trustee's name.
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.
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").
132) See Gevurtz, supra note 17, at 494 (explaining that "[p]resumably, the reason for limiting the length of a voting trust lies in concerns about changing circumstances overtime rendering obsolete the original intent behind the trust and the instructions in the trust agreement --albeit, one might wonder why this is not a danger which the founders of the trust can asses for themselves.
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.
Finally, it encouraged innovation in governance systems in the form of covenants and voting trusts that in part compensated investors for accepting "weaker" securities.
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.
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.
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.