16-10a-730 - Voting trusts.
16-10a-730. Voting trusts.
(1) One or more shareholders may create a voting trust, conferring on a trustee the rightto vote or otherwise act for them, by signing an agreement setting out the provisions of the trust,and transferring to the trustee the shares with respect to which the trustee is to act. When avoting trust agreement is signed, the trustee shall prepare a list of the names and addresses of allowners of beneficial interests in the trust, together with the number and class of shares eachtransferred to the trust, and promptly cause the corporation to receive copies of the list andagreement. Thereafter the trustee shall cause the corporation to receive changes to the listpromptly as they occur and amendments to the agreement promptly as they are made.
(2) A voting trust becomes effective on the date the first shares subject to the trust areregistered in the trustee's name. A voting trust is valid for the period provided in the agreement,but not more than 10 years after its effective date unless extended under Subsection (3).
(3) All or some of the parties to a voting trust may extend the voting trust for additionalterms of not more than 10 years each by signing an extension agreement and obtaining thetrustee's written consent to the extension. An extension is valid for not more than 10 years fromthe date the first shareholder signs the extension agreement. The trustee shall deliver copies ofthe extension agreement and list of beneficial owners to the corporation's principal office. Anextension agreement binds only those parties signing it.
Amended by Chapter 378, 2010 General Session