Guam § 28717 - Voting Trusts.

§ 28717. Voting Trusts.

(a) One or more shareholders may create a voting trust, conferring on a

trustee the right to vote or otherwise act for them, by signing an agreement

setting out the provisions of the trust (which may include anything consistent

with its purpose) and transferring their shares to the trustee. When a voting

trust agreement is signed, the trustee shall prepare a list of the names and

addresses of all owners of beneficial interests in the trust, together with the

number and class of shares each transferred to the trust, and deliver copies of

the list and agreement to the corporation’s principal office.

(b) A voting trust becomes effective on the date the first shares subject

to the trust are registered in the trustee’s name. A voting trust is valid for not

more than 10 years after its effective date unless extended under subsection

(c).

(c) All or some of the parties to a voting trust may extend it for

additional terms of not more than 10 years each by signing an extension

agreement and obtaining the voting trustee’s written consent to the

extension. An extension is valid for 10 years from the date the first

shareholder signs the extension agreement. The voting trustee must deliver

copies of the extension agreement and list of beneficial owners to the

corporation’s principal office. An extension agreement binds only those

parties signing it.