New York Revocable or Irrevocable Proxy

• Category: Corporations - Proxy
• State: Multi-State
• Control #: US-01581
• Format: Word; Rich Text

Description

This is a proxy form, by which a shareholder grants their vote to a proxy who will cast the vote for them. Typically used in corporate shareholder meeting votes. Proxys solicit the votes before the meeting, and obtain the proxy forms. A proxy is a legal document that allows one person, known as the proxy holder, to act on behalf of another person, known as the principal. In the state of New York, proxies can be classified as either revocable or irrevocable, each with its own characteristics and implications. A revocable proxy in New York refers to a proxy agreement that can be canceled or terminated by the principal at any time. This means that the principal retains the authority to change or withdraw their proxy designation whenever they desire. A revocable proxy provides flexibility for the principal to make changes based on their evolving circumstances or preferences. On the other hand, an irrevocable proxy in New York denotes a proxy agreement that cannot be terminated or revoked by the principal once it has been established. This type of proxy is often used in situations where the principal wants to ensure a specific individual or group has unwavering decision-making power, even in the event of the principal's incapacitation or unavailability. Within the realm of New York revocable or irrevocable proxies, several specific types may be utilized, depending on the nature of the proxy arrangement: 1. Health Care Proxy: A health care proxy is a specific type of proxy that allows an individual, the proxy holder, to make medical decisions on behalf of the principal when they are unable to communicate or make informed choices about their healthcare. 2. Corporate Proxy: In corporate settings, a proxy may enable a shareholder to delegate their voting rights to another individual or entity for a specific shareholder meeting. This allows the proxy holder to vote on behalf of the absent shareholder. 3. Proxy Voting in Elections: Whether it's a political or organizational election, a proxy vote allows an individual to assign their voting rights to another person who will cast the vote on their behalf. Overall, the choice between a revocable or irrevocable proxy in New York depends on the principal's intentions, preferences, and desired level of control over the proxy arrangement. It is crucial to consult legal professionals specializing in New York state laws to ensure compliance and to understand the potential consequences of entering into a particular type of proxy agreement.

A proxy is a legal document that allows one person, known as the proxy holder, to act on behalf of another person, known as the principal. In the state of New York, proxies can be classified as either revocable or irrevocable, each with its own characteristics and implications. A revocable proxy in New York refers to a proxy agreement that can be canceled or terminated by the principal at any time. This means that the principal retains the authority to change or withdraw their proxy designation whenever they desire. A revocable proxy provides flexibility for the principal to make changes based on their evolving circumstances or preferences. On the other hand, an irrevocable proxy in New York denotes a proxy agreement that cannot be terminated or revoked by the principal once it has been established. This type of proxy is often used in situations where the principal wants to ensure a specific individual or group has unwavering decision-making power, even in the event of the principal's incapacitation or unavailability. Within the realm of New York revocable or irrevocable proxies, several specific types may be utilized, depending on the nature of the proxy arrangement: 1. Health Care Proxy: A health care proxy is a specific type of proxy that allows an individual, the proxy holder, to make medical decisions on behalf of the principal when they are unable to communicate or make informed choices about their healthcare. 2. Corporate Proxy: In corporate settings, a proxy may enable a shareholder to delegate their voting rights to another individual or entity for a specific shareholder meeting. This allows the proxy holder to vote on behalf of the absent shareholder. 3. Proxy Voting in Elections: Whether it's a political or organizational election, a proxy vote allows an individual to assign their voting rights to another person who will cast the vote on their behalf. Overall, the choice between a revocable or irrevocable proxy in New York depends on the principal's intentions, preferences, and desired level of control over the proxy arrangement. It is crucial to consult legal professionals specializing in New York state laws to ensure compliance and to understand the potential consequences of entering into a particular type of proxy agreement.