Form with which a shareholder who has granted another the right to vote on his/her behalf may revoke the granting of that right.
Puerto Rico Revocation of Proxy — Corporate Resolutions refers to the legal process through which a person or entity cancels or withdraws a previously granted proxy that authorized someone else to act on their behalf in corporate matters in Puerto Rico. In corporate governance, shareholders often use proxies to delegate their voting rights to someone else, usually a proxy holder, to represent them and vote on their behalf in shareholder meetings or other corporate decision-making processes. However, there may come a time when the shareholder wishes to revoke or cancel the proxy due to various reasons, such as a change in circumstances, a shift in voting preferences, or a loss of trust in the proxy holder. The revocation of proxy is typically done through a formal document known as the Revocation of Proxy — Corporate Resolution. This document must comply with the relevant laws and regulations in Puerto Rico, which are primarily based on the Puerto Rico Business Corporation Act or other applicable corporate legislation. The Revocation of Proxy — Corporate Resolution should include essential details such as the shareholder's name, address, and contact information, along with the proxy holder's information. It should clearly state the intent to revoke the previously granted proxy and specify the date or event that triggered the revocation. It is crucial to provide a detailed description of the original proxy, including the date it was executed and the scope of the authority granted to the proxy holder. Additionally, the Revocation of Proxy — Corporate Resolution should be signed by the shareholder or an authorized representative, and the document should be notarized to ensure its legal validity. The revocation should be communicated to all relevant parties, such as the proxy holder, the corporation, and any other stakeholders involved in the proxy appointment. While there may not be different types of Puerto Rico Revocation of Proxy — Corporate Resolutions per se, variations in language and specific requirements may exist, depending on the circumstances and the applicable laws. It is advisable to consult with an attorney or legal professional experienced in Puerto Rican corporate law to ensure compliance and accuracy in the revocation process. In conclusion, the Puerto Rico Revocation of Proxy — Corporate Resolutions is a legally binding document that authorizes the cancellation or withdrawal of a previously granted proxy in corporate matters. It provides a clear means for shareholders to revoke their delegation of voting rights and should be prepared and executed with attention to detail and compliance with the relevant laws and regulations.
