New York Laws
Article 4-A - Trust Indentures and Interests Therein
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.