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.
Pennsylvania Irrevocable Proxy is a legal document that grants an individual, known as the proxy, the authority to act on behalf of another person, known as the principal, in specific legal and financial matters. This proxy cannot be revoked or altered without the consent of the principal unless certain conditions are met. The Pennsylvania Irrevocable Proxy is designed to ensure that the principal's interests are safeguarded even if they are unable to make decisions themselves due to incapacitation, absence, or any other reason. It provides a mechanism for a trusted person to make important decisions on behalf of the principal, following their stated wishes and best interests. Types of Pennsylvania Irrevocable Proxy include: 1. General Irrevocable Proxy: This type grants the proxy broad powers to manage various legal and financial matters, such as making healthcare decisions, managing finances, handling legal affairs, and representing the principal in other important matters. 2. Healthcare Irrevocable Proxy: This specific type of proxy focuses solely on medical or healthcare-related decisions. It allows the proxy to make medical choices and communicate with healthcare providers on behalf of the principal, ensuring that their medical wishes are upheld. 3. Financial Irrevocable Proxy: This proxy type concentrates on managing the principal's financial affairs. It enables the proxy to handle financial transactions, pay bills, manage investments, and make financial decisions according to the principal's instructions. 4. Limited Irrevocable Proxy: A limited proxy restricts the proxy's authority to specific actions or decisions, allowing the principal to maintain control over other matters. This type is useful when the principal wants to delegate authority for a particular purpose without granting full control over all legal or financial aspects. The Pennsylvania Irrevocable Proxy must be drafted and executed in accordance with Pennsylvania state laws, ensuring its legality and enforceability. It is recommended to consult with an attorney experienced in Pennsylvania estate planning and proxy matters to accurately prepare and customize the document to meet individual needs and preferences.
