Virginia Voting Trust Agreement
Description
How to fill out Voting Trust Agreement?
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FAQ
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.
A voting trust is a contract between shareholders in which their shares and voting rights are temporarily transferred to a trustee. A voting agreement is a contract in which shareholders agree to vote a certain way on specific issues without giving up their shares or voting rights.
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
A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions.
In the Commonwealth of Virginia, the legal requirements for serving as an executor or trustee are minimal. An individual may serve as an executor or trustee so long as he or she is at least eighteen years of age and is legally competent.
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.
TRUSTEE REQUIREMENTS If the settlor does not name a trustee, a court will appoint one. A trustee: 220e Must have active duties to perform. 220e Cannot be the sole trustee and the sole beneficiary.
Voting agreements are commonly used in business combination transactions to ensure the buyer that significant equity holders will vote to approve the subject transaction. A voting agreement may also include an irrevocable proxy.
The testator or settlor may appoint the trustees either expressly, by naming the particular persons to be trustees or impliedly, by delivering trust property to a person, on the understanding that they will hold the property for the benefit of another.
Naming a Friend or Family Member as Trustee As a result, you could name a friend or family member as your trustee. However, you want to be sure that they are someone you trust to handle your financial affairs. Friends and family members are often named as successor trustees when people name themselves as trustees.
