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Voting Trust of Shares in Closely Held Corporation

Oklahoma Voting Trust of Shares in Closely Held Corporation

Category:

Trusts - Voting Trusts

State:

Multi-State

Control #:

US-02094BG

Format:

Instant download

Description

Closely held corporations are those in which a small group of shareholders control the operating and managerial policies of the corporation. Most, but not all, closely held corporations are also family businesses. Family businesses may be defined as those companies where the link between the family and the business has a mutual influence on company policy and on the interests and objectives of the family.

A voting trust is a device for combining the voting power of shareholders. It is not unlawful for shareholders to combine their voting stock for the election of directors so as to obtain or continue the control or management of a corporation. Some state laws limit the duration of voting trusts to a period of a certain number of years.

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FAQ

A voting trust is a legal trust created to combine the voting power of shareholders by temporarily transferring their shares to the trustee. In exchange for their shares, shareholders receive certificates indicating they are beneficiaries of the trust.

Unlike voting trusts, voting agreements can be for any duration and do not need to be filed with the corporation.

Anyone who owns stock in a company has a voting right to the decisions that the company makes. The fewer shares someone owns, the less voting power they have. Voting has a significant impact on the price of the shares someone owns.

A voting trust certificate is a document issued by a limited-life trust of a corporation established to give temporary voting control of a corporation to one or a few individuals.

Shareholders make decisions by passing resolutions. An ordinary resolution requires majority approval (eg over 50%) and a special resolution requires 75% approval.

Although common shareholders typically have one vote per share, owners of preferred shares often do not have any voting rights at all. Typically, only a shareholder of record is eligible for voting at a shareholder meeting.

A voting trust agreement is a contractual agreement that records the transfer of shares from a shareholder to a trustee. The agreement gives the trustee temporary control of the voting powers of the shareholders. Voting trusts are operated by the current directors of the company.

The Voting Trust shall either be treated as a grantor trust under subpart E, part I of subchapter J of the Internal Revenue Code of 1986, as amended, or shall be treated as merely a custodial arrangement that is not an entity recognized for U.S. federal tax purposes, and the provisions of this Agreement shall be

The unit trust holds shares and/or other securities on a pooled basis to give the unit holders a share in a wide spread of investments. The unit trust deed will set out the powers and duties of the trustees and the manager of the collective investments and the rights and powers of the investors in the units.

Voting shares are shares that give the stockholder the right to vote on matters of corporate policymaking. In most instances, a company's common stock represents voting shares. Different classes of shares, such as preferred stock, sometimes do not allow for voting rights.

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