2012 New York Consolidated Laws
RPP - Real Property
Article 4-A - (124 - 130-K) 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.