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.
A proxy can also be revoked unless the terms of the proxy say otherwise.
New Jersey Proxy — Revocable: Explained and Types In the legal realm, a proxy refers to the authorization given by one person, known as the principal, to another person, known as the proxy holder, to act on their behalf in various matters. It can be particularly beneficial when the principal is unable to attend certain meetings or make decisions due to physical absence, illness, or any other reason. A New Jersey Proxy — Revocable is a specific type of proxy arrangement recognized and governed by the state laws of New Jersey. This means that the proxy agreement operates under the legal framework provided by the state. The term "revocable" signifies that the principal retains the authority to cancel or revoke the proxy at any time they wish. Types of New Jersey Proxy — Revocable: 1. General Proxy: This type of proxy allows the proxy holder to represent the principal in a wide range of matters. It provides broad decision-making power to the proxy holder, encompassing both routine and significant decisions. A general proxy can be established for a specific event (e.g., a shareholder meeting) or for an extended duration, subject to the terms agreed upon between the principal and proxy holder. 2. Specific Proxy: A specific proxy is tailored to address a particular issue or event. Unlike the general proxy, it restricts the proxy holder's authority to only those matters specified in the proxy agreement. For example, a principal may grant a specific proxy to an attorney to represent them solely in a real estate transaction. 3. Financial Proxy: A financial proxy empowers the proxy holder to make financial decisions on behalf of the principal. This could include managing bank accounts, investments, tax matters, and other financial affairs. The principal can specify the extent of authority granted to the proxy holder within the proxy document. 4. Healthcare Proxy: A healthcare proxy, also known as a medical power of attorney, empowers the proxy holder to make medical decisions on behalf of the principal. This type of proxy is particularly relevant in situations where the principal becomes incapacitated and is unable to express their healthcare preferences. The proxy holder, often a trusted family member or friend, acts as the voice of the principal in medical decision-making. It is important to note that New Jersey Proxy — Revocable laws may have specific requirements and guidelines. They may outline the need for written documentation, notarization, or the presence of witnesses during the proxy agreement's execution. It is advisable to consult with a legal professional or refer to the appropriate statutes to ensure compliance with New Jersey's proxy regulations. Overall, a New Jersey Proxy — Revocable allows individuals to appoint trusted proxies to act on their behalf, granting flexibility and convenience while ensuring the principal retains the ability to revoke or modify the proxy arrangement as needed.
