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.
Utah Irrevocable Proxy is a legally binding document that grants decision-making authority to another individual or entity, referred to as the proxy, to act on behalf of the granter. This proxy arrangement cannot be revoked or withdrawn by the granter without the consent of the proxy or by court order. It is an important legal tool used in various situations where the granter needs trusted representation and wants to ensure their interests are protected. In Utah, there are several types of irrevocable proxy that serve specific purposes: 1. Healthcare Proxy: This type of irrevocable proxy allows an individual, known as the healthcare proxy agent, to make medical decisions on behalf of the granter if they become unable to do so themselves. It grants the agent the authority to consent to or refuse medical treatments, choose healthcare providers, and make end-of-life decisions based on the granter's previously-expressed wishes. 2. Financial Proxy: An irrevocable financial proxy in Utah grants a designated proxy the power to handle the granter's financial affairs, including managing assets, making investment decisions, paying bills, and filing taxes. This proxy is commonly used by individuals who want to ensure their financial matters are handled competently and in accordance with their wishes. 3. Business Proxy: A Utah irrevocable business proxy allows the granter to transfer decision-making authority related to their business operations to a trusted individual or entity. This proxy may include powers such as voting on behalf of the granter in shareholder meetings, signing contracts, or making managerial decisions. It is frequently used in corporate structures to ensure seamless continuity and representation. 4. Legal Proxy: A legal proxy in Utah empowers a proxy to make legal decisions and act as the granter's representative in legal matters. It may include attending court hearings, signing legal documents, and hiring legal counsel on the granter's behalf. This type of proxy is commonly used by individuals who lack legal knowledge or expertise and wish to entrust these responsibilities to someone more qualified. It is crucial to consult with an experienced attorney to draft and execute an irrevocable proxy in Utah, as it involves complex legal considerations and requirements that vary based on the specific type of proxy. The attorney will ensure all necessary formalities are followed to make the irrevocable proxy legally valid and enforceable.
