Irrevocable Joint Proxy
Understanding this form
The Irrevocable Joint Proxy is a legal document authorizing one or more individuals to vote on behalf of a shareholder at corporate meetings. Unlike a regular proxy, which can be revoked at any time, this type of proxy is permanent and remains in effect until a specified termination date. It ensures that the designated persons have the exclusive right to vote the shares, allowing for efficient decision-making during shareholder meetings.
Main sections of this form
- Identification of the shareholder and the number of shares they hold.
- Names of the proxy holders (the individuals authorized to vote).
- Statement declaring the proxy as non-revocable.
- Effective date and termination of the proxy authority.
- Signature of the shareholder and witness statements.
When to use this document
This form is used when a shareholder wishes to grant voting rights to others for corporate meetings without the ability to revoke that authority. It is particularly useful in situations where a shareholder may be unable to attend meetings in person but still wants their shares to be represented. Common scenarios include delegating voting rights during crucial corporate decisions or when a shareholder desires to consolidate voting power among trusted proxies.
Who this form is for
- Shareholders of a corporation who wish to delegate their voting rights.
- Individuals seeking to have a trusted person vote on their behalf during corporate meetings.
- Anyone needing a legally binding agreement for voting delegation that cannot be revoked.
Completing this form step by step
- Identify the shareholder by entering their full name and the number of shares owned.
- List the names of the individuals being granted proxy voting rights.
- Specify the effective date and termination date of the proxy authority.
- Sign and date the document in the presence of witnesses.
- Attach a legend to the shares indicating the existence of the irrevocable proxy.
Does this form need to be notarized?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to specify the effective and termination dates clearly.
- Not providing sufficient identification of the proxy holders.
- Overlooking the requirement for witnesses when signing the document.
Benefits of completing this form online
- Convenient access to legal documents from anywhere at any time.
- Edit and customize the form easily to suit specific needs.
- Reliability in using templates drafted by licensed attorneys.
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FAQ
The role of a shareholder proxy. Pursuant to the Companies Act 2006 (section 324), every member (shareholder or guarantor) of a company has the right to appoint another person as their proxy, if they are unable to attend a general meeting of members for any reason.
What is an Irrevocable Proxy? An irrevocable proxy is an enforceable power granted by the owner to another party to exercise his voting rights independently, without requiring his consent each time.
Proxies may be granted via telephone or electronic mail as well as the standard written form. A proxy is valid for 11 months from the date on which it was signed unless a different period is specifically provided in the proxy form. In no event is a proxy valid for more than three years after execution.
A proxy agreement is an agreement that grants authority for an individual to do legal tasks for another individual. An example of this would be when a shareholder assigns permission to a person to vote on their behalf.
An irrevocable proxy is a proxy that cannot be revoked by the person giving the proxy for a specified period of time.
The idea behind making a proxy irrevocable is that the agent will be absolved of his/her actions when he/she acts in the capacity of the principal. However, he/she is not absolved by law when he/she has a personal interest in the operations of the organization.
For example, under California law, such proxies are valid for only 11 months unless the specific irrevocability requirements of Section 705(c) are met.
