It shall be unlawful for any stockholder, director, or officer of any company having capital stock to enter into any contract or agreement, commonly known as “voting-trust agreements,” whereby the rights, benefits, or liabilities attaching to the capital stock are transferred or assigned, temporarily or otherwise, to any person or group of persons, incorporated or unincorporated, for the purpose of controlling, managing, or directing the company, or voting its stock; provided, that this section shall not prevent the granting of proxies by stockholders authorizing a designated individual to represent them at stockholders’ meetings.

History

June 19, 1934, 48 Stat. 1151, ch. 672, ch. III, § 31

Prior Codifications

1973 Ed., § 35-531.

1981 Ed., § 35-631.