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.
An Indiana Irrevocable Proxy is a legal document that grants authority to a designated individual (known as the proxy) to act on behalf of another person (known as the principal) in making important decisions and exercising voting rights, which cannot be easily revoked or changed by the principal. This proxy is commonly used in various situations where the principal may not be able to attend meetings or be present for crucial decision-making processes. The Indiana Irrevocable Proxy provides the proxy with the power to vote on behalf of the principal during shareholder meetings, board meetings, or any other official gatherings where voting or decision-making occurs. This document ensures that the principal's voice is heard and respected, even in their absence. There are a few different types of Indiana Irrevocable Proxies that can be utilized depending on the specific circumstances and requirements: 1. General Proxy: This type of proxy grants broad powers to the designated proxy, allowing them to act and vote on all matters on behalf of the principal. It covers a wide range of decisions and is often used when the principal cannot attend multiple meetings or wishes to delegate most decision-making authority. 2. Limited Proxy: Unlike a general proxy, a limited proxy specifies certain restrictions, limitations, or conditions for the proxy's decision-making power. It allows the principal to retain control over specific matters while still delegating authority for others. Principal may want to use a limited proxy when they have particular concerns or preferences about certain decisions. 3. Proxy for Specific Event: In some cases, a principal may only need to grant proxy authority for a specific event or occurrence. This type of Indiana Irrevocable Proxy is temporary by nature and is designed to fulfill a particular need or purpose. Once the event or occurrence has passed, the proxy's authority expires automatically. 4. Proxy for Corporate Governance: This type of Indiana Irrevocable Proxy specifically applies to corporate governance situations, such as voting on company policies, electing board members, or approving mergers and acquisitions. It ensures that the proxy can act on behalf of the principal within the realms of corporate decision-making processes. It is important to note that an Indiana Irrevocable Proxy typically requires the principal's signature and may need to be notarized to ensure its legality and enforceability. Additionally, it is advisable to consult with an attorney or legal professional to ensure the document is accurately prepared and complies with relevant laws and regulations in Indiana.
