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Home > Legal Research > Glossary
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Voting trust |
Definition
: a trust created by the transfer of legal title to shares of stock to a trustee or trustees who exercise the corporate voting rights conferred by ownership of the shares as agreed in the trust instrument
The shareholders transferring legal title to their shares retain the equitable title and continue to receive dividends and other distributions. They also receive certificates as evidence of their interest in the trust, which provides the holder with the rights of a shareholder except for voting rights.
2 a : a combination of firms or corporations formed by an agreement establishing a trust whereby shareholders in the separate corporations exchange their shares for shares representing proportionate interest in the principal and income of the combination and surrender to the trustees the management and operation of the combined firms or corporations
b : a combination or aggregation of business entities formed by any of various means
esp
: one that reduces competition or is thought to present a threat of reducing competition
compare antitrust
3 a : a charge or duty imposed in faith or confidence or as a condition of some relationship
b : something committed or entrusted to one to be used or cared for in the interest of another <no religious test shall ever be required as a qualification to any office or public ~ under the United States U.S. Constitution art. VI>
c : the condition, obligation, or right of one to whom something is confided
: responsible charge or office <acted diligently in carrying out his ~ as chairman of the board>
d : See also custody<a child committed to their ~>
: in a trust <property held in trust for the children>
Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
http://www.m-w.com |
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