The motion court correctly held that the shares in the hands of the trustees of the Pemberton pension and profit sharing plan may not be used to satisfy the 20% standing requirement of Business Corporation Law § 1104-a, the plan having been amended prior to commencement of this proceeding to eliminate the "pass through" voting rights of the equitable owners of its shares. We do not consider it a relevant circumstance that elimination of the pass through may have been...
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