Legal Question in Business Law in New York

Trustee of trust is a shareholder

a small percent of the Shares to a corpoation are held in a irrevocable trust, the corporation's by-laws reqire that a director to be elected must be a shareholder does the trustee of the trust which owns the shares hold the legal status of a shareholder?


Asked on 7/21/05, 9:12 pm

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Trustee of trust is a shareholder

THE TRUSTEE IS A SHAREHOLDER IN HIS/HER /ITS FIDUCIARY CAPACITY.

THE TRUSTEE IS PROBABLY ELIGIBLE TO SERVE AS A DIRECTOR. READ THE BY-LAWS.

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Answered on 7/22/05, 8:39 am


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