Maryland 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. Maryland Revocation of Proxy is a legal document that allows an individual to revoke or cancel a previously granted proxy authority. A proxy is a legal representative appointed by the principal to act on their behalf and make decisions during a specific event, such as a shareholders' meeting or board of directors meeting. However, situations might arise where the principal wishes to terminate the proxy authority, and this is where the Maryland Revocation of Proxy comes into play. There are different types of Maryland Revocation of Proxy, each designed to cater to specific circumstances. Some main types include: 1. General Maryland Revocation of Proxy: This form is used when the principal wants to completely cancel the proxy authority previously granted to an agent. It is a broad revocation that terminates the proxy relationship entirely. 2. Limited Maryland Revocation of Proxy: In certain cases, a principal might only wish to revoke specific powers granted to the proxy without completely ending the proxy authority. The limited revocation specifies the powers or responsibilities that are no longer delegated to the agent while keeping other aspects intact. 3. Conditional Maryland Revocation of Proxy: This type of revocation becomes effective based on a specific condition or event. For example, a principal might revoke the proxy authority if the agent fails to meet certain performance expectations or breaches a pre-determined agreement. 4. Specific Maryland Revocation of Proxy: Sometimes, a principal grants proxy authority for a particular event or occasion. In such cases, a specific revocation is used to cancel the proxy authority granted for that specific event, and the agent's authority is limited only to that event. 5. Maryland Revocation of Proxy by Replacement: This type of revocation is used when the principal wishes to replace the current proxy with another individual. It cancels the proxy authority granted to the existing agent and designates a new person to act as the principal's representative. Keywords: Maryland, Revocation of Proxy, legal document, proxy authority, principal, agent, shareholders' meeting, board of directors meeting, general, limited, conditional, specific, replacement.

Maryland Revocation of Proxy is a legal document that allows an individual to revoke or cancel a previously granted proxy authority. A proxy is a legal representative appointed by the principal to act on their behalf and make decisions during a specific event, such as a shareholders' meeting or board of directors meeting. However, situations might arise where the principal wishes to terminate the proxy authority, and this is where the Maryland Revocation of Proxy comes into play. There are different types of Maryland Revocation of Proxy, each designed to cater to specific circumstances. Some main types include: 1. General Maryland Revocation of Proxy: This form is used when the principal wants to completely cancel the proxy authority previously granted to an agent. It is a broad revocation that terminates the proxy relationship entirely. 2. Limited Maryland Revocation of Proxy: In certain cases, a principal might only wish to revoke specific powers granted to the proxy without completely ending the proxy authority. The limited revocation specifies the powers or responsibilities that are no longer delegated to the agent while keeping other aspects intact. 3. Conditional Maryland Revocation of Proxy: This type of revocation becomes effective based on a specific condition or event. For example, a principal might revoke the proxy authority if the agent fails to meet certain performance expectations or breaches a pre-determined agreement. 4. Specific Maryland Revocation of Proxy: Sometimes, a principal grants proxy authority for a particular event or occasion. In such cases, a specific revocation is used to cancel the proxy authority granted for that specific event, and the agent's authority is limited only to that event. 5. Maryland Revocation of Proxy by Replacement: This type of revocation is used when the principal wishes to replace the current proxy with another individual. It cancels the proxy authority granted to the existing agent and designates a new person to act as the principal's representative. Keywords: Maryland, Revocation of Proxy, legal document, proxy authority, principal, agent, shareholders' meeting, board of directors meeting, general, limited, conditional, specific, replacement.