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.
Iowa Irrevocable Proxy is a legal term referring to a specific type of proxy agreement recognized and governed by Iowa state laws. A proxy is a written document that gives one person, known as the proxy holder or agent, the authority to represent and vote on behalf of another person, called the principal or shareholder, at a meeting or in specific decision-making situations. An Iowa Irrevocable Proxy, as the name suggests, signifies that once the principal grants the proxy, and it becomes effective, it cannot be revoked or canceled by the principal. This ensures that the proxy holder's rights and responsibilities are protected, while also providing a mechanism to exercise the principal's voting power. There are several types of Iowa Irrevocable Proxy arrangements, each of which serves specific purposes and accommodates unique circumstances. Some notable types include: 1. General Irrevocable Proxy: This type of proxy grants broad powers to the proxy holder, permitting them to exercise all voting rights and make decisions on any matter as specified in the agreement. 2. Limited Irrevocable Proxy: In contrast to a general proxy, this type limits the scope of the proxy holder's authority. The agreement might specify the particular matters or issues for which the proxy is authorized to vote on the principal's behalf. 3. Shareholder Voting Proxy: This variant focuses specifically on facilitating the voting process for corporate shareholders. It allows a designated person to represent the shareholders and cast votes during shareholder meetings. 4. Corporate Proxy: This type of Iowa Irrevocable Proxy is commonly employed in corporate governance. It enables a designated person, often a shareholder or board member, to act as a proxy holder and vote on important matters affecting the corporation. 5. Trust Proxy: Trusts in Iowa can also have irrevocable proxies in place. These proxies are designed to authorize a person or entity, often the trustee, to carry out specific trustee duties, including voting on behalf of the trust's beneficiaries. Iowa Irrevocable Proxies are powerful legal tools that ensure transparency, representation, and protection of interests in various decision-making scenarios. Understanding the various types of proxies available in the state of Iowa allows individuals and entities to make well-informed decisions regarding their voting rights and representation.
