Irrevocable Proxy
What is this form?
An irrevocable proxy is a legal document that grants an individual the authority to vote on behalf of another at shareholder meetings. Unlike a regular proxy, an irrevocable proxy cannot be revoked or canceled once it has been granted, ensuring that the designated person can represent the shareholder's interests without interference. This form is particularly useful for stockholders who wish to delegate their voting rights permanently or for a specified duration.
Key parts of this document
- The number of shares owned by the shareholder.
- The name of the corporation for which the proxy is granted.
- The name of the proxy holder designated to vote on behalf of the shareholder.
- The duration of the proxy's validity, specifying the termination date.
- A declaration that the voting rights are exclusively held by the proxy holder during the proxy's term.
- Signature of the shareholder and witnesses acknowledging the document.
When to use this document
This form should be used when a shareholder wants to assign their voting rights to another individual without the option to revoke that authority. Situations where this might be necessary include: - When a shareholder is unable to attend a meeting and wants to ensure their votes are cast. - For long-term investors who wish to hand over their voting rights to a trusted individual. - When consolidating voting power in shareholder decisions.
Intended users of this form
- Shareholders of a corporation who wish to assign their voting rights permanently.
- Investors looking to minimize their participation in shareholder meetings while maintaining influence over decisions.
- Individuals who trust another person to represent their interests as a proxy.
Completing this form step by step
- Identify the number of shares of voting stock you own.
- Enter the name of the corporation where you hold shares.
- Designate the name of the individual you are appointing as your proxy holder.
- Specify the termination date for the proxy authority.
- Sign the form and have it witnessed by two individuals.
Does this form need to be notarized?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to clearly specify the proxy holderâs name.
- Not including the termination date, which may lead to unintended consequences.
- Neglecting to have the form witnessed, which can invalidate the proxy.
- Incorrectly stating the number of shares owned, leading to potential voting issues.
Why use this form online
- Convenience of downloading and filling out the form at your own pace.
- Editable fields allow for customization as per individual requirements.
- Access to attorney-drafted templates for assurance of legal validity.
- Ability to store the form securely for easy access in the future.
What to keep in mind
- An irrevocable proxy allows someone to cast votes on your behalf without the option to revoke your decision.
- Ensure all relevant details are correctly filled out to avoid potential voting disputes.
- Use this form when you want to entrust your voting power to another individual for a specified period.
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FAQ
A proxy is an agent legally authorized to act on behalf of another party or a format that allows an investor to vote without being physically present at the meeting.
A proxy is a person who is designated by another to represent that individual at a meeting or before a public body.It also refers to the written authorization allowing one person to act on behalf of another.
What is a Proxy Statement? A proxy statement is a document containing the information the Securities and Exchange Commission (SEC) requires companies to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual or special stockholder meeting.
A proxy is an agent legally authorized to act on behalf of another party or a format that allows an investor to vote without being physically present at the meeting.
A revocable proxy is an authorization to a person to act on behalf of another party, which may be revoked at any time by the grantor of the proxy.Revocable proxies are typically issued in connection with stock related matters.
A member of a company is entitled to appoint another person as his proxy to exercise all or any of his rights to attend, speak and vote at a meeting of the company. A member can appoint any other person to act as his proxy; it does not have to be another shareholder of the company.
An example of proxy is someone who is named to make health care decisions for you if you are unable to do so. An example of proxy is when you register to vote and have someone else actually cast your ballot.
Proxy, a term denoting either a person who is authorized to stand in place of another or the legal instrument by which the authority is conferred.
A Proxy Form is a document by which a registered member of a company appoints another person (the proxy) to attend a company meeting and vote on the member's behalf. Every member of a company that is entitled to attend and vote at company meetings can either vote in person or through a proxy.
Proxy statements describe matters up for shareholder vote, and include management and executive compensation information if the shareholders are voting for the election of directors.
