13.1-670 - Voting trusts. - Virginia Statutes

§ 13.1-670. Voting trusts.

A. One or more shareholders may create a voting trust, conferring on atrustee or trustees the right to vote or otherwise act for them, by signingan agreement setting out the provisions of the trust, which may includeanything consistent with its purpose, and transferring their shares to thetrustee or trustees. When a voting trust agreement is signed, the trusteeshall prepare a list of the names and addresses of all owners of beneficialinterests in the trust, together with the number and class of shares eachtransferred to the trust, and deliver copies of the list and agreement to thecorporation's principal office.

B. A voting trust becomes effective on the date the first shares subject tothe trust are registered in the trustee's name. A voting trust is valid fornot more than 10 years after its effective date unless extended undersubsection C.

C. 1. All or some of the parties to a voting trust may extend it foradditional terms of not more than 10 years each by signing a written consentto the extension. An extension is valid for not more than 10 years from thedate the first shareholder signs such a consent.

2. The voting trustee shall deliver copies of the consent to extension andlist of beneficial owners to the corporation's principal office. A consent toextension binds only those parties signing it.

(Code 1950, § 13.1-34; 1956, c. 428; 1975, c. 500; 1985, c. 522; 2005, c.765.)