Proxy refers to someone who is authorized to serve in one's place at a meeting, especially with the right to right to vote on behalf of another. It may be written authority given to someone to act or vote in someone's place. A proxy is often used as a method for stockholders to cast votes at a meeting of shareholders, and by board members and convention delegates.
Proxy voting refers to the procedure of delegating the right to vote by one person to another. In proxy voting in the absence of a person his/her vote will be secured by some other person. A person so designated to cast the vote of another is called a "proxy" and the person who delegates the power is called a principal. A voter must have a trust in the proxy. Any person including the official of the chosen party can be appointed as the proxy.
A Colorado Irrevocable Proxy is a legal document that grants a person the power to act on behalf of another in specific circumstances and cannot be changed or revoked once it is executed. In Colorado, this type of proxy is commonly used in various situations where individuals want to ensure their interests are protected and decisions are made in accordance with their wishes. The Colorado Revised Statutes govern the rules and regulations surrounding irrevocable proxies in the state. One type of Colorado Irrevocable Proxy is the Healthcare Proxy, also known as a Medical Power of Attorney. This proxy allows an appointed agent to make medical decisions for the individual, including treatment options, consent to surgery, hospital admissions, and end-of-life care. It is essential for individuals who want to outline their healthcare preferences and entrust someone to advocate for their medical needs if they become incapacitated or unable to communicate their wishes. Another variant of the Colorado Irrevocable Proxy is the Financial Power of Attorney (POA), which grants an agent the authority to handle financial matters on behalf of the individual. This includes managing bank accounts, paying bills, making investment decisions, managing property, and handling tax matters. It is particularly useful for individuals who may be unable to manage their finances due to physical or mental limitations. Additionally, the Durable Power of Attorney (DOA) serves as a type of Colorado Irrevocable Proxy that combines both healthcare and financial aspects. It grants an agent the ability to make medical and financial decisions on behalf of the individual, even if they become mentally incapacitated. The DOA is a comprehensive proxy that provides a broad range of powers and is often used when individuals want to ensure continuity in decision-making in multiple areas. In order to create a Colorado Irrevocable Proxy, specific legal requirements must be met. It must be signed and dated by the individual granting the power (referred to as the "principal") in the presence of two witnesses. If the principal is unable to physically sign the document, they can direct someone else to sign on their behalf while in their presence and at their direction. It is important to note that the appointed agent does not have the authority to change or modify the proxy, as it is irrevocable, unless there is a provision allowing such changes. Overall, a Colorado Irrevocable Proxy is a legal tool that ensures individuals have a trusted representative who can make decisions in their best interests when they are unable to do so themselves. By granting specific powers and designating an agent, individuals can have peace of mind knowing that their wishes will be upheld in healthcare and financial matters.
