Changes in the Model Business Corporation Act-Amendments to Sections 7.30 & 7.32 Removing Automatic 10-Year Limit on Duration of Voting Trust Agreements and Shareholder Agreements

摘要

The Corporate Laws Committee of the ABA Business Law Section from time to time makes changes in the Model Business Corporation Act ("Model Act"). By publication after second reading in the November 2012 issue of The Business Lawyer, the Committee proposed amendments to sections 7.30 and 7.32 of the Model Act removing the 10-year limits on the duration of voting trust agreements and shareholder agreements contained in those sections. At its meeting on April 5, 2013, the Committee approved the amendments to sections 7.30 and 7.32 without change.