N.Y. Real Property Law § 130-c: Voting trustees and voting trust agreements

§ 130-c. Voting trustees and voting trust agreements. 1. No trustee or

member of a committee or the attorney of such trustee or committee or

any employee of either shall be eligible to become a voting trustee or

an officer or director of a corporation to be formed or used under a

plan of reorganization to acquire title to property previously

administered by such trustee or committee unless the facts with respect

to their previous connection with the property are disclosed to the

court and the affirmative approval of the holders of at least fifty-one

per centum of the mortgage investments is obtained or unless a plan of

reorganization approved by the court in proceedings under section one

hundred and twenty-two of this chapter shall so provide.

2. No agreement appointing trustees to vote the stock of any

corporation formed or used under a plan of reorganization of property

shall be valid for a longer term than five years and unless it has been

submitted to and approved by the court and no trustees appointed by such

agreement shall continue to act thereunder after the expiration of its

term, unless and until a new or an extension agreement has been entered

into and received the affirmative approval of the holders of at least

fifty-one per centum of the stock.

3. No salary or other compensation shall be paid to any voting trustee

or any officer or director of a corporation formed or used to acquire

the title to property in or through reorganization unless the same has

been approved by the court.