Virginia Irrevocable Proxy

State:
Multi-State
Control #:
US-03122BG
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

Many proxies are indeed revocable, allowing the principal to withdraw their authority at any time. However, a Virginia Irrevocable Proxy differs in that it is meant to remain in effect based on predefined terms. Understanding the distinctions between revocable and irrevocable proxies can help you make strategic decisions in your corporate or personal affairs.

Yes, a Virginia Irrevocable Proxy is specifically designed to be binding and effective until certain conditions are met. This feature ensures that the proxy holder can act without the risk of being overridden or revoked prematurely. Using an irrevocable proxy can provide peace of mind for shareholders who want consistent representation.

To revoke a standard proxy, you need to provide written notice to the proxy holder, indicating your intention to withdraw the proxy. However, if you're dealing with a Virginia Irrevocable Proxy, revocation is typically not possible unless certain criteria are fulfilled. It's essential to review your proxy documents carefully or consult with a legal professional through platforms like uslegalforms for accurate guidance.

Generally, a Virginia Irrevocable Proxy cannot be revoked unless specific conditions as outlined in the proxy agreement are met. This restriction exists to ensure the stability of decision-making for the duration of the proxy's effectiveness. Always seek legal guidance if you are considering an attempt to revoke such a proxy.

Not all proxies are irrevocable, but a Virginia Irrevocable Proxy is specifically designed to remain in effect until a certain condition is met. This type of proxy is often used to maintain continuity in decision-making, especially in corporate environments. Understanding the purpose of an irrevocable proxy can help you make informed choices about your voting rights.

A common example of a Virginia Irrevocable Proxy occurs in corporate settings where a shareholder designates another individual to vote their shares for a specific period. This arrangement ensures that the designated individual can make decisions without interference, allowing for consistent representation at meetings. Such proxies are binding until their terms are fully realized.

Virginia Code 13.1-847 addresses the rules surrounding proxies in corporate governance. This code specifies how proxies, including Virginia Irrevocable Proxies, should be managed and executed within the context of shareholders. Understanding this code can provide clarity on your rights and obligations as a shareholder using a proxy.

In most cases, a Virginia Irrevocable Proxy cannot be revoked until its specified terms are fulfilled or the purpose for which it was created has been achieved. This type of proxy is designed for stability in decision-making, which is why it cannot be easily undone. However, it's advisable to consult a legal expert if you believe your situation may allow for revocation.

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Virginia Irrevocable Proxy