The Kansas Agreement and Irrevocable Proxy is a legal document that outlines a specific type of agreement and proxy used in business transactions in the state of Kansas, United States. This agreement establishes the terms and conditions under which one party grants the other party the power to act on their behalf in certain matters. The purpose of the Kansas Agreement and Irrevocable Proxy is to provide a framework for parties involved in a transaction to legally appoint a proxy, who will exercise decision-making power on behalf of the granter. The agreement specifies the scope of authority given to the proxy and the duration of the proxy's role. This type of agreement holds significant legal weight and is often used in various business contexts, such as mergers and acquisitions, shareholder voting, corporate governance, and other situations in which one party needs to authorize another to make decisions or act on their behalf. While there may not be different "types" of the Kansas Agreement and Irrevocable Proxy, variations can exist based on the specific circumstances of a transaction. For example, an agreement could be tailored to allow a proxy to represent a granter only in a particular business deal or specific decision-making process, or it could be more general and cover a broader range of responsibilities. Keywords: Kansas Agreement, Irrevocable Proxy, legal document, business transactions, state of Kansas, United States, terms and conditions, power of attorney, decision-making power, appoint a proxy, scope of authority, duration, mergers and acquisitions, shareholder voting, corporate governance.
Kansas Agreement and Irrevocable Proxy
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How to fill out Kansas Agreement And Irrevocable Proxy?
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FAQ
If your shares are held in street name through a broker, bank or other nominee, you should contact the holder of your shares regarding how to revoke your proxy. If you are a stockholder of record, you may change your vote at any time before the polls close at the Annual Meeting.
The irrevocable proxy is an enforceable power given by an owner to. exercise his voting rights independently of his future consent. He may. accomplish the same result through a voting or pooling contract, or by. means of a voting trust.
The owner of the shares cannot revoke the irrevocable proxy until the expiry of an agreed-upon duration of time.
(b) No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy, except that the maximum term of any proxy shall be three years from the date of execution.
Proxy is defined by supreme courts as "an authority or power to do a certain thing." A person can confer on his proxy any power which he himself possesses. He may also give him secret instructions as to voting upon particular questions. But a proxy is ineffectual when it is contrary to law or public policy.
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 ...
(f) A proxy may be revoked, notwithstanding a provision making it irrevocable, by a transferee of shares without knowledge of the existence of the provision unless the existence of the proxy and its irrevocability appears, in the case of certificated securities, on the certificate representing such shares, or in the ...
Proxy agreements are used in a variety of industries but are commonly executed when a shareholder appoints a proxy to exercise voting rights within a corporation. Usually a proxy is revocable, however an irrevocable proxy includes language in the contract that prohibits revocation for an agreed upon amount of time.