524.539 Voting trust.
200 words·~1 min read·
/ia/chapter-524-banks/524-539A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Any number of shareholders of a state bank may create a voting trust for the purpose of conferring upon a trustee or trustees the right to vote or otherwise represent their shares, for a period of not to exceed ten years, by entering into a written voting trust agreement specifying the terms and conditions of the voting trust, by depositing a counterpart of the agreement with the state bank at its principal place of business, by delivery of a copy of the voting trust agreement to the superintendent and by transferring their shares to such trustee or trustees for the purposes of the agreement.
The counterpart of the voting trust agreement so deposited with the state bank is subject to examination for any proper purpose during usual business hours by a shareholder of the state bank, in person or by agent or attorney, or by any holder of a beneficial interest in the voting trust, in person or by agent or attorney.
2. This section shall not affect the validity of any agreement, relative to the voting of shares, in effect prior to July 1, 1995.
[C71, 73, 75, 77, 79, 81, §524.514]
CS95, §524.539
Referred to in §524.540