Alabama Agreement and Irrevocable Proxy: Understanding the Concept and Types Explained In the legal realm of Alabama, an Agreement and Irrevocable Proxy (also known as an Irrevocable Proxy Agreement) is a legally binding document that establishes a relationship between two parties, typically referred to as the "granter" and the "proxy holder." The Alabama Agreement and Irrevocable Proxy grant the proxy holder the authority to act on behalf of the granter in making decisions, exercising voting rights, or taking actions in specific situations or events. This proxy agreement is considered "irrevocable," meaning it cannot be revoked or modified by the granter once executed, except in exceptional circumstances mentioned in the agreement. There are several types of Alabama Agreement and Irrevocable Proxy, each designed to address different scenarios or purposes. Some commonly encountered types include: 1. Shareholder Agreement and Irrevocable Proxy: This agreement is often utilized in shareholder situations within corporations. It allows a designated proxy holder to act on behalf of a shareholder, exercising voting rights and making decisions during shareholder meetings. 2. Trust Agreement and Irrevocable Proxy: In the context of trusts, this type of proxy agreement serves to grant the trustee the authority to manage trust assets, make financial decisions, and represent the trust's beneficiaries in specific matters. 3. Partnership Agreement and Irrevocable Proxy: Partnerships can also utilize an Agreement and Irrevocable Proxy, wherein a partner designates another partner as their proxy holder. This grants the proxy holder the authority to act on behalf of the partner in specific partnership decisions and voting procedures. 4. Limited Liability Company (LLC) Operating Agreement and Irrevocable Proxy: Within LCS, members can utilize this type of proxy agreement to provide a designated proxy holder with the authority to act on behalf of an LLC member during decision-making processes and voting situations. 5. Voting Agreement and Irrevocable Proxy: This agreement is commonly used in corporate settings when shareholders or LLC members wish to consolidate their voting power and designate a proxy holder to cast votes as instructed by the agreement's signatories. In summary, the Alabama Agreement and Irrevocable Proxy is a legally binding document that establishes a proxy relationship between a granter and a proxy holder. This agreement empowers the proxy holder to act on behalf of the granter in specific scenarios, ranging from voting and decision-making situations to trust management and partner representation. Different types of proxy agreements exist, tailor-made to accommodate various legal situations, such as shareholder agreements, trust agreements, partnership agreements, LLC operating agreements, and voting agreements.
Alabama Agreement and Irrevocable Proxy
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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.
(b) No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy, except that the maximum term of any proxy shall be three years from the date of execution.
In general, a proxy is revocable, but it may be made irrevocable if the proxy is expressly stated to be irrevocable and it is "coupled with an interest." Typical situations that make the proxy "coupled with an interest" are: (1) where the proxy holder has purchased or agreed to purchase the shares, (2) the proxy holder ...
(f) A proxy may be revoked, notwithstanding a provision making it irrevocable, by a transferee of shares without knowledge of the existence of the provision unless the existence of the proxy and its irrevocability appears, in the case of certificated securities, on the certificate representing such shares, or in the ...
The irrevocable proxy is an enforceable power given by an owner to. exercise his voting rights independently of his future consent. He may. accomplish the same result through a voting or pooling contract, or by. means of a voting trust.