Delaware Revocation of Proxy

• Category: Corporations - Proxy
• State: Multi-State
• Control #: US-03124BG
• Format: Word; Rich Text

Description

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. A proxy can also be revoked unless the terms of the proxy say otherwise. Delaware Revocation of Proxy is a legal process that allows a shareholder or member of a Delaware corporation to revoke previously granted proxy authority. A proxy is a legal document that authorizes another individual or entity to vote on their behalf in a corporate meeting. However, circumstances may arise where the shareholder or member wants to retract the proxy and take full control of their voting rights. The Delaware Revocation of Proxy empowers them to do so. There are two primary types of Delaware Revocation of Proxy: general and specific revocation. A general revocation cancels all previously granted proxy authority and allows the shareholder or member to personally exercise their voting rights at the next corporate meeting. On the other hand, a specific revocation withdraws the authority for a particular proxy or proxies, while leaving the remaining proxies intact. The process of executing a Delaware Revocation of Proxy typically involves drafting a formal revocation document, filing it with the appropriate corporate authority, and notifying all parties involved, including the proxy holder and the corporation itself. It is vital to carefully adhere to all legal requirements and timelines set forth by Delaware corporation laws to ensure the revocation is valid and enforceable. Keywords: Delaware Revocation of Proxy, shareholder, member, proxy authority, voting rights, corporate meeting, general revocation, specific revocation, proxy holder, corporate authority, legal requirements, Delaware corporation laws.

Delaware Revocation of Proxy is a legal process that allows a shareholder or member of a Delaware corporation to revoke previously granted proxy authority. A proxy is a legal document that authorizes another individual or entity to vote on their behalf in a corporate meeting. However, circumstances may arise where the shareholder or member wants to retract the proxy and take full control of their voting rights. The Delaware Revocation of Proxy empowers them to do so. There are two primary types of Delaware Revocation of Proxy: general and specific revocation. A general revocation cancels all previously granted proxy authority and allows the shareholder or member to personally exercise their voting rights at the next corporate meeting. On the other hand, a specific revocation withdraws the authority for a particular proxy or proxies, while leaving the remaining proxies intact. The process of executing a Delaware Revocation of Proxy typically involves drafting a formal revocation document, filing it with the appropriate corporate authority, and notifying all parties involved, including the proxy holder and the corporation itself. It is vital to carefully adhere to all legal requirements and timelines set forth by Delaware corporation laws to ensure the revocation is valid and enforceable. Keywords: Delaware Revocation of Proxy, shareholder, member, proxy authority, voting rights, corporate meeting, general revocation, specific revocation, proxy holder, corporate authority, legal requirements, Delaware corporation laws.