North Carolina Agreement and Irrevocable Proxy
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FAQ
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.
An irrevocable proxy is an enforceable power granted by the owner to another party to exercise his voting rights independently, without requiring his consent each 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.
(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 ...
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 ...
Typically, most proxies are revocable, but some agreements may include specific clauses that require the proxy to be irrevocable for a specified period.
