Court Opinion

ID: 9542077
Source: CourtListenerOpinion
Date Created: 2023-08-07 16:31:01.696259+00
Date Added: 2024-06-11T15:02:32.582821
License: Public Domain

Per Curiam
(on motion for rehearing). It is urged that the opinion of the court, in connection with the number of trustees necessary to cast a vote, can be construed to mean that there must be a unanimous agreement of all the trustees of the voting trust to vote the stock they hold. If this construction can be drawn from the opinion, it is withdrawn. As noted in the opinion, the trust agreement in the plan provided the trust could act upon the affirmative vote of five of the seven trustees. This provision of the trust agreement was subsequently amended to provide an affirmative vote of seven trustees was required. This was done to accommodate this same amendment which increased the number of trustees from seven to eleven. Thus, as the trust agreement now provides, seven affirmative votes of the eleven trustees are sufficient to vote the entire stock held by the voting trust to approve the sale of land to non-Menominees.
Motion denied without costs.