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A proxy agreement is an agreement that allows a person to do legal tasks for another person. Proxy agreements are commonly seen in stock voting, in which a person gives another person permission to vote on their behalf. In many cases, the power of the stockholder to vote can be granted to a proxy.
If you do something by proxy, you arrange for someone else to do it for you. Those not attending the meeting may vote by proxy. 2. countable noun [usu N for n] A proxy is a person or thing that is acting or being used in the place of someone or something else.
(a) Any member may authorize another person or persons to act by proxy with respect to such membership except that this right may be limited or withdrawn by the articles or bylaws, subject to subdivision (f).
The CEO of the company and a controlling shareholder of the company induced his son to become the company's President and COO. The father transferred a controlling block of stock to the son, in exchange for the grant of a lifetime irrevocable proxy to vote the stock.
A proxy agreement is an agreement that grants authority to 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.
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 ...
Introduction. A proxy is an individual, legally allowed to act on behalf of another party or a format that would allow a participant to vote without being physically present at the meeting.
For example, if a member will be absent from a company meeting, they have the right to appoint another person (a non-member of the company) to attend the meeting and vote in their stead. This person is therefore called a Proxy.