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.
The District of Columbia Irrevocable Proxy is a legal document that grants an individual or entity the authority to make decisions on behalf of another party, known as the principal, in the District of Columbia. This proxy is designed to ensure that the principal's interests are protected even when they are unable to act or make decisions themselves. The District of Columbia recognizes several types of irrevocable proxies, each serving a specific purpose. These types include: 1. Healthcare Proxy: This irrevocable proxy grants the designated proxy the authority to make medical decisions on behalf of the principal if they become incapacitated or unable to communicate their wishes. 2. Financial Proxy: An irrevocable proxy used for financial matters authorizes the proxy to handle the principal's financial affairs, such as managing investments, paying bills, and making financial decisions. 3. Business Proxy: A business irrevocable proxy allows the proxy to act on behalf of the principal regarding any business-related matters. This type of proxy comes into effect when the principal is unable to attend crucial meetings, negotiate contracts, or make critical business decisions. 4. Legal Proxy: A legal irrevocable proxy authorizes the proxy to represent the interests of the principal in legal matters, including attending court hearings, signing legal documents, and engaging in legal negotiations. District of Columbia Irrevocable Proxies are legally binding documents that require explicit language clearly stating the powers bestowed upon the proxy and that the document cannot be revoked without the proxy's consent. It is crucial to consult an attorney or legal professional to ensure that the irrevocable proxy is drafted correctly and complies with all District of Columbia laws and regulations.
