N.D. Cent. Code § 10-19.1-81
This is the official text of N.D. Cent. Code § 10-19.1-81, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-19.1-81. Voting trusts
Official statutory text
10-19.1-81. Voting trusts
1. Shares in a corporation may be transferred to a trustee pursuant to written agreement,
for the purpose of conferring on the trustee the right to vote and otherwise represent
the beneficial owner of those shares for a period not exceeding ten years, except that
if the agreement is made in connection with an indebtedness of the corporation, the
voting trust may extend until the indebtedness is discharged. Unless otherwise
specified in the agreement, the voting trust may be terminated at any time by the
beneficial owners of a majority of the voting power of the shares held by the trustee. A
signed original of the agreement must be filed with the corporation.
2. When a voting trust agreement is signed, the trustee shall prepare a list of the
identities of all owners of beneficial interests in the trust, together with the number and
class of shares each transferred to the trust. The list must include each shareholder's:
a. Physical mailing address, if the identity of a shareholder on the list consists of the
shareholder's name; or
b. Authorized means of receipt for electronic transmissions, if the identity of a
shareholder on the list consists of the shareholder's data address.
3. Unless otherwise provided in the trust agreement, if there are two or more trustees,
the manner of voting is determined as provided in subsection 5 of section
10-19.1-73.2.
1. Shares in a corporation may be transferred to a trustee pursuant to written agreement,
for the purpose of conferring on the trustee the right to vote and otherwise represent
the beneficial owner of those shares for a period not exceeding ten years, except that
if the agreement is made in connection with an indebtedness of the corporation, the
voting trust may extend until the indebtedness is discharged. Unless otherwise
specified in the agreement, the voting trust may be terminated at any time by the
beneficial owners of a majority of the voting power of the shares held by the trustee. A
signed original of the agreement must be filed with the corporation.
2. When a voting trust agreement is signed, the trustee shall prepare a list of the
identities of all owners of beneficial interests in the trust, together with the number and
class of shares each transferred to the trust. The list must include each shareholder's:
a. Physical mailing address, if the identity of a shareholder on the list consists of the
shareholder's name; or
b. Authorized means of receipt for electronic transmissions, if the identity of a
shareholder on the list consists of the shareholder's data address.
3. Unless otherwise provided in the trust agreement, if there are two or more trustees,
the manner of voting is determined as provided in subsection 5 of section
10-19.1-73.2.
Status: in_force · Read it on the official government site
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