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.
Title: Virgin Islands Irrevocable Proxy: An In-depth Explanation and Types Introduction: In the Virgin Islands legal framework, an irrevocable proxy plays a crucial role in various business and legal matters. This comprehensive article aims to provide a detailed description of what a Virgin Islands Irrevocable Proxy is, its characteristics, functions, and potential types that exist within this jurisdiction. 1. Definition and Purpose: A Virgin Islands Irrevocable Proxy is a legally binding document that grants authority to an appointed proxy to represent and act on behalf of the granter (also known as the principal) in certain business or legal transactions. The primary purpose of this proxy is to provide a mechanism for someone to appoint another person, who could be entrusted with important decision-making powers, without the risk of withdrawal or termination. 2. Characteristics of a Virgin Islands Irrevocable Proxy: — Permanence: Unlike a revocable proxy, an irrevocable proxy generally cannot be canceled or rescinded by the granter once executed, ensuring stability and predictability. — Authority: It grants broad authority to the appointed proxy, allowing them to act on behalf of the granter in various matters, such as voting on shares, attending meetings, making financial decisions, or representing the granter in legal proceedings. — Non-transferability: In most cases, the irrevocable proxy cannot be transferred or assigned to another party. Its powers exclusively remain with the appointed proxy. 3. Types of the Virgin Islands Irrevocable Proxies: Though there is no exhaustive list of types, the Virgin Islands legal system recognizes several common variations of the Irrevocable Proxy, including: a. Shareholder/Voting Proxy: A proxy agreement used within corporate entities, wherein a shareholder appoints a proxy to act and vote on their behalf during board meetings, shareholders' meetings, or other corporate decision-making processes. b. Financial Proxy: This type allows the proxy to manage the granter's financial affairs, including making investments, executing contracts, paying bills, or engaging in banking transactions. c. Litigation Proxy: Employed specifically for legal matters, this proxy authorizes a representative to act on behalf of the granter in legal disputes, granting them the power to appear in court, make decisions related to the case, and settle or negotiate on the granter's behalf. d. Power of Attorney Proxy: While not strictly an "irrevocable" proxy, it is worth mentioning that the Virgin Islands also recognizes the power of attorney proxies. This type grants broad authority to a representative (known as an attorney-in-fact) to act on the granter's behalf in various personal, business, or legal matters. Conclusion: The Virgin Islands Irrevocable Proxy provides a robust legal mechanism for individuals or businesses to delegate their decision-making authority to trusted representatives. Understanding the definition, purpose, and various types of irrevocable proxies within the Virgin Islands legal system is essential when engaging in complex transactions or preparing for potential future events. It is always advisable to seek professional legal advice to ensure compliance and optimize the benefits derived from such proxies.
