Virgin Islands Agreement and Irrevocable Proxy
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FAQ
Proxy agreements are used in a variety of industries but are commonly executed when a shareholder appoints a proxy to exercise voting rights within a corporation. Usually a proxy is revocable, however an irrevocable proxy includes language in the contract that prohibits revocation for an agreed upon amount of time.
The owner of the shares cannot revoke the irrevocable proxy until the expiry of an agreed-upon duration of time.
The irrevocable proxy is an enforceable power given by an owner to. exercise his voting rights independently of his future consent. He may. accomplish the same result through a voting or pooling contract, or by. means of a voting trust.
The irrevocable proxy is an enforceable power given by an owner to. exercise his voting rights independently of his future consent. He may. accomplish the same result through a voting or pooling contract, or by. means of a voting trust.
If your shares are held in street name through a broker, bank or other nominee, you should contact the holder of your shares regarding how to revoke your proxy. If you are a stockholder of record, you may change your vote at any time before the polls close at the Annual Meeting.
In general, a proxy is revocable, but it may be made irrevocable if the proxy is expressly stated to be irrevocable and it is "coupled with an interest." Typical situations that make the proxy "coupled with an interest" are: (1) where the proxy holder has purchased or agreed to purchase the shares, (2) the proxy holder ...
