Washington 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 Washington Revocable or Irrevocable Proxy is a legal document that grants one person (the proxy) the authority to act on behalf of another person (the principal) in making decisions or conducting business affairs. The term "proxy" refers to the person appointed to represent the principal's interests in various matters, such as voting on corporate matters, attending meetings, signing documents, or executing transactions. In Washington state, there are two main types of proxies: revocable proxies and irrevocable proxies. 1. Washington Revocable Proxy: A revocable proxy allows the principal to change or revoke the proxy's authority at any time. The principal retains the power to modify or terminate the delegated responsibilities of the proxy as desired. This type of proxy is commonly used in situations where the principal may have changing needs, preferences, or requirements. 2. Washington Irrevocable Proxy: On the other hand, an irrevocable proxy is a permanent grant of authority that cannot be easily revoked or modified by the principal. Once the principal designates someone as an irrevocable proxy, they relinquish their ability to make changes without consent from the proxy. This type of proxy is often utilized in situations where the principal intends to ensure continuity of decision-making or execute long-term plans. When creating a Washington Revocable or Irrevocable Proxy, it is crucial to include specific details such as the names and addresses of the principal and the proxy, the scope of the proxy's authority, any limitations or restrictions, and the effective dates. Additionally, the document should clearly outline the process for revoking or terminating the proxy if it is a revocable proxy. Keywords: Washington Revocable Proxy, Washington Irrevocable Proxy, legal document, authority, principal, proxy, decision-making, business affairs, voting, meetings, signing documents, executing transactions, revocable, irrevocable, modifications, termination, permanent grant, continuity, principal's interests.

A Washington Revocable or Irrevocable Proxy is a legal document that grants one person (the proxy) the authority to act on behalf of another person (the principal) in making decisions or conducting business affairs. The term "proxy" refers to the person appointed to represent the principal's interests in various matters, such as voting on corporate matters, attending meetings, signing documents, or executing transactions. In Washington state, there are two main types of proxies: revocable proxies and irrevocable proxies. 1. Washington Revocable Proxy: A revocable proxy allows the principal to change or revoke the proxy's authority at any time. The principal retains the power to modify or terminate the delegated responsibilities of the proxy as desired. This type of proxy is commonly used in situations where the principal may have changing needs, preferences, or requirements. 2. Washington Irrevocable Proxy: On the other hand, an irrevocable proxy is a permanent grant of authority that cannot be easily revoked or modified by the principal. Once the principal designates someone as an irrevocable proxy, they relinquish their ability to make changes without consent from the proxy. This type of proxy is often utilized in situations where the principal intends to ensure continuity of decision-making or execute long-term plans. When creating a Washington Revocable or Irrevocable Proxy, it is crucial to include specific details such as the names and addresses of the principal and the proxy, the scope of the proxy's authority, any limitations or restrictions, and the effective dates. Additionally, the document should clearly outline the process for revoking or terminating the proxy if it is a revocable proxy. Keywords: Washington Revocable Proxy, Washington Irrevocable Proxy, legal document, authority, principal, proxy, decision-making, business affairs, voting, meetings, signing documents, executing transactions, revocable, irrevocable, modifications, termination, permanent grant, continuity, principal's interests.