Sec. 7.65. Voting trust.

276 words·~1 min read·/il/chapter-805/act-5/7-65

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(a)One or more shareholders 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 stated duration, which may be perpetual or for a fixed period or may be determined by the occurrence of a stated condition or conditions, by entering into a written voting trust agreement specifying the terms and conditions of the voting trust, and by transferring the subject shares to such trustee or trustees pursuant to the agreement. If the agreement or any amendment thereto does not contain a stated duration, the trust shall terminate 10 years after the agreement first became effective.

(b)No voting trust agreement shall be effective until a counterpart of the agreement is deposited at the corporation's registered office. The counterpart of the voting trust agreement so deposited shall be subject to examination as provided in Section 7.75 by any holder of a beneficial interest in the voting trust as if that holder were a shareholder.

(c)The rule against perpetuities does not apply to any voting trust created in accordance with this Section.

(d)Every voting trust agreement entered into pursuant to this Section is specifically enforceable in accordance with the principles of equity.

(e)The changes made by this amendatory Act of the 91st General Assembly apply only to voting trust agreements that are:

(1)entered into after the effective date of this amendatory Act of the 91st General

Assembly; or

(2)amended after the effective date of this amendatory Act of the 91st General Assembly

to include a stated duration in accordance with subsection (a).