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Form #1541VOTING TRUST AGREEMENT
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VOTING TRUST AGREEMENT
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VOTING
TRUST AGREEMENT
An agreement made this ________ day
of _______________, (year)___, between stockholders of _______________________
Corporation a Corporation organized under the laws of _______________, whose
names are hereunto subscribed and all other stockholders of the said company
who shall join in and become parties to this agreement as hereinafter provided,
all of which stockholders are hereinafter called subscribers, and,
__________________________ who is hereinafter called the trustee(s):
Whereas, the subscribers are
respectively owners of shares of common stock in the Corporation and the
amounts set out opposite their signatures hereto;
And whereas, with a view to the safe
and competent management of the Corporation, in the interest of all the
stockholders thereof, the subscribers are desirous of creating a trust in the
following manner;
Now, it is hereby agreed and declared
as follows:
1. The subscribers shall forthwith
endorse, assign, and deliver to the trustee(s) the certificates representing
the shares of stock owned by them respectively, and shall do all things
necessary for the transfer of their respective shares to the trustee(s) on the
books of the Corporation.
2. Every other stockholder in the
corporation may become a party to this agreement by signing it and assigning
and delivering the certificate(s) of his or her shares to the trustee(s).
3. The trustee(s) shall hold the
shares of stock transferred to them, under the terms and conditions hereinafter
set forth.
4. The trustee(s) shall surrender to
the proper officer of the Corporation the certificates of the subscribers, and
shall receive for them new certificates issued to them as trustee(s) under this
agreement.
5. The trustee(s) shall issue to each
of the subscribers a trust certificate for the number of shares transferred by
the subscriber to the trustees. Each trust certificate shall state that it is
issued under this agreement, and shall set forth each subscriber's proportional
interest in the trust. The trustee(s) shall keep a list of the shares of stock
transferred to them, and shall keep a record of all trust certificates issued
or transferred on their books, which records shall contain the names and
addresses of the trust certificate holders and the number of shares represented
by each trust certificate. Such list and record shall be open at all
reasonable times to the inspection of the trust certificate holders.
6. It shall be the duty of the
trustee(s), and they, or a majority of them, shall have the power to represent
the holders of such trust certificates and the stock transferred to the
trustee(s) as aforesaid, and vote upon such stock, as in the judgment of the
trustee(s), or of a majority of them, may be for the best interest of the
Corporation, in the election of directors and upon any and all matters and
questions which may be brought before them, as fully as any stockholder might
do.
7. The trustee(s) shall collect and
receive all dividends that may accrue upon the shares of stock subject to this
trust, and shall pay the same to the trust certificate holders in proportion to
the number of shares respectively represented by their trust certificates.
8. The trustee(s) shall be entitled
to be fully indemnified out of the dividends coming into their hands for all
costs, changes, expenses, and other liabilities properly incurred by them in
the exercise of any power conferred upon them by this agreement; and the
subscribers hereby covenant with the trustee(s) that in the event of the monies
and securities in their hands being insufficient for that purpose, the
subscribers and each of them will, in proportion to the amounts of their
respective shares and interests, indemnify the trustee(s) of and from all loss
or damage which they may sustain or be put to, by reason of anything they may
lawfully do in the execution of this trust.
9. In the event that the holder of
any trust certificate shall desire to sell or pledge his or her beneficial
interest in the shares of stock represented thereby, he or she shall first give
to the trustee(s) notice in writing of such desire, and the trustee(s) shall
halve the right to purchase the trust certificates at the book value of the
stock represented by such certificates at the time of such purchase. If the
trustee(s) shall exercise such option to purchase, they shall hold the
beneficial interest thereof for the benefit of all the remaining trust
certificate holders who shall, upon days' notice given by the trustee(s) before
exercising such option, contribute their respective proportionate share of the
purchase money to be paid by the trustee(s). In the event that the trustee(s)
shall not exercise such option to purchase the subscriber's interest, and only
in that event, the holder of such trust certificate shall have the right to
sell the same to such person and for such price as he or she sees fit.
10. In the event of any trustee
dying, resigning, refusing, or becoming unable to act, the surviving or other
trustee(s), if any, shall appoint a trustee or trustees to fill the vacancy or
vacancies, and any person so appointed shall thereupon be vested with all the
duties, powers, and authority of a trustee as if originally named herein.
11. This
trust shall continue for ______ years from the date hereof, and shall then
terminate, provided, however, that the beneficial owners of ______% of the
shares of stock subject to this agreement may at any time terminate this trust
by resolution adopted at a meeting of the trust certificate holders called by
any one
of them, upon notice of _______ days,
stating the purpose of such meeting, in writing, mailed to the trust
certificate holders at their respective addresses as they appear in the records
of the trustee(s). Upon the termination of the trust, the trustee(s) shall,
upon the surrender of the trust certificates by the respective holders thereof,
assign and transfer to them the number of shares of stock thereby represented.
IN WITNESS WHEREOF, the individual
parties hereto set their hands and seals, and the corporation has caused this
agreement to be signed by its duly authorized officers.
ATTEST:
____________________________
______________________ CORPORATION Secretary
____________________________
President
____________________________
__________________________
Shareholder
Shareholder
Name of Trustee(s)
___________________________
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not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
site.
These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
Please note that the donator may have included different usage terms regarding this
form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
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about the competence, character or qualifications of its participating members.
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