New York Irrevocable Proxy

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Multi-State
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US-03122BG
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Description

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.

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FAQ

In company law, the proxy process allows a shareholder to appoint another individual to vote on their behalf at a corporate meeting. This is particularly important in scenarios where the shareholder cannot attend the meeting in person. By utilizing a New York Irrevocable Proxy, a shareholder can ensure that their voting rights are exercised faithfully, even in their absence. This process helps maintain shareholder engagement and decision-making within the company, ensuring that all voices are heard.

The rights of a proxy are defined by the authority granted in the proxy agreement. A New York Irrevocable Proxy allows the designated proxy to exercise voting rights or make decisions on behalf of the principal during its validity period. It is crucial to understand these rights clearly, and using resources from USLegalForms can help ensure that both parties are fully informed.

A common example of a New York Irrevocable Proxy includes a situation where a shareholder appoints someone to vote on their behalf at a company meeting for a set period. This ensures that the chosen representative has the authority to make decisions, regardless of the original shareholder's absence. If you are drafting such a document, platforms like USLegalForms can offer templates and guidance to help you.

Yes, a proxy can be irrevocable, particularly under New York law. This type of proxy is legally binding and cannot be canceled once it's granted, providing certainty in decision-making processes. If you are seeking to establish an irrevocable proxy, consider utilizing the resources available on USLegalForms to help draft the necessary documentation.

In general, a New York Irrevocable Proxy cannot be revoked by the proxy giver once it is executed, unless specific conditions are met. The irrevocability stems from the nature of the agreement, which is designed to ensure that the designated person maintains authority to act on your behalf. However, if you find yourself needing to make changes, consulting legal resources or platforms like USLegalForms can provide the guidance necessary.

A revocable proxy is an authorization to a person to act on behalf of another party, which may be revoked at any time by the grantor of the proxy. The revocable proxy can set forth the specific authority granted and the term of the proxy.

The reason for making a proxy irrevocable is to absolve the agent in the agent-principal relationship of his/her actions when acting in the capacity of the principal. ShareholderThe terms stakeholder and shareholder are often used interchangeably in the business environment.

Proxy is a stand-in for someone else, the authority to stand-in for or represent someone else, or a document giving permission for someone else to vote on your behalf. An example of proxy is someone who is named to make health care decisions for you if you are unable to do so.

A proxy agreement is an agreement that grants authority for an individual to do legal tasks for another individual. An example of this would be when a shareholder assigns permission to a person to vote on their behalf.

Typically, most proxies are revocable, but some agreements may include specific clauses that require the proxy to be irrevocable for a specified period.

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New York Irrevocable Proxy