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Texas Business Organizations Code - BUS ORG § 6.251. Voting Trusts

Current as of April 14, 2021 | Updated by FindLaw Staff

(a) Except as provided by this code or the governing documents, any number of owners of a domestic entity may enter into a written voting trust agreement to confer on a trustee the right to vote or otherwise represent ownership or membership interests of the domestic entity.

(b) An ownership or membership interest that is the subject of a voting trust agreement described by Subsection (a) shall be transferred to the trustee named in the agreement for purposes of the agreement.

(c) A copy of a voting trust agreement described by Subsection (a) shall be deposited with the domestic entity at the domestic entity's principal executive office or registered office and is subject to examination by:

(1) an owner, whether in person or by the owner's agent or attorney, in the same manner as the owner is entitled to examine the books and records of the domestic entity;  and

(2) a holder of a beneficial interest in the voting trust, whether in person or by the holder's agent or attorney, at any reasonable time for any proper purpose.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 6.251. Voting Trusts - last updated April 14, 2021 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-6-251/

Read this complete Texas Business Organizations Code - BUS ORG § 6.251. Voting Trusts on Westlaw

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