§ 55-7-30. Voting trusts. - North Carolina Statutes

Part 3. Voting Trusts and Agreements.

§ 55‑7‑30.  Votingtrusts.

(a)        One or moreshareholders may create a voting trust, conferring on a trustee the right tovote or otherwise act for them, by signing an agreement setting out theprovisions of the trust (which may include anything consistent with itspurpose) and transferring their shares to the trustee.  When a voting trustagreement is signed, the trustee shall prepare a list of the names andaddresses of all owners of beneficial interests in the trust, together with thenumber and class of shares each transferred to the trust, and deliver copies ofthe list and agreement to the corporation's principal office.

(b)        A voting trustbecomes effective on the date the first shares subject to the trust are registeredin the trustee's name.  A voting trust is valid for not more than 10 yearsafter its effective date unless extended under subsection (c).

(c)        All or some of theparties to a voting trust may extend it for additional terms of not more than10 years each by signing an extension agreement and obtaining the votingtrustee's written consent to the extension.  An extension is valid for not morethan 10 years from the date the first shareholder signs the extensionagreement.  The voting trustee must deliver copies of the extension agreementand list of beneficial owners to the corporation's principal office.  Anextension agreement binds only those parties signing it. (1955,c. 1371, s. 1; 1963, c. 1233; 1973, c. 469, ss. 26‑28; 1989, c. 265, s.1.)