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.
The Philadelphia Pennsylvania Irrevocable Proxy is a legally binding document that grants a person or entity the authority to act and make decisions on someone else's behalf, specifically within the jurisdiction of Philadelphia, Pennsylvania. This proxy is "irrevocable," meaning it cannot be easily revoked or canceled once it is in effect. Key features of a Philadelphia Pennsylvania Irrevocable Proxy include: 1. Legal Authority: The proxy establishes a legal relationship between the principal (the person granting the authority) and the proxy holder (the person receiving the authority). The proxy holder is typically appointed to act as an agent or representative of the principal. 2. Specific Jurisdiction: The Philadelphia Pennsylvania Irrevocable Proxy is enforceable within the legal boundaries of Philadelphia. Therefore, the proxy holder's authority is limited to decisions, actions, or representations made within this particular jurisdiction. 3. Irrevocability: Unlike a standard proxy, which can be easily revoked or terminated by the principal, an irrevocable proxy cannot be canceled without the consent of both parties involved. This provides security and assurance to the proxy holder that their authority remains intact, barring any agreement to revoke or terminate the proxy. 4. Duration: The Philadelphia Pennsylvania Irrevocable Proxy can be designed to be either temporary or permanent. It may specify a set duration or remain valid until specific conditions or events occur. 5. Types: While the core principles of an irrevocable proxy persist, there can be variations in its types based on the specific purpose or scope of authority granted. Some common types include healthcare proxies, corporate proxies, shareholder proxies, and property-related proxies. Healthcare Proxy: Appoints a trusted person to make medical decisions for the principal if they become unable to do so. Corporate Proxy: Enables a proxy holder to represent the interest of a corporation in meetings, voting on resolutions, or making decisions on behalf of the corporation. Shareholder Proxy: Permits a shareholder to delegate their voting rights to another person or entity, allowing them to vote on corporate matters during shareholder meetings. Property Proxy: Grants the proxy holder the authority to manage and make decisions regarding the principal's property or assets, such as real estate, financial investments, or business transactions. It is crucial for both the principal and the proxy holder to fully understand the terms and conditions of the Philadelphia Pennsylvania Irrevocable Proxy, as well as consult legal advice to ensure compliance with local laws and regulations.The Philadelphia Pennsylvania Irrevocable Proxy is a legally binding document that grants a person or entity the authority to act and make decisions on someone else's behalf, specifically within the jurisdiction of Philadelphia, Pennsylvania. This proxy is "irrevocable," meaning it cannot be easily revoked or canceled once it is in effect. Key features of a Philadelphia Pennsylvania Irrevocable Proxy include: 1. Legal Authority: The proxy establishes a legal relationship between the principal (the person granting the authority) and the proxy holder (the person receiving the authority). The proxy holder is typically appointed to act as an agent or representative of the principal. 2. Specific Jurisdiction: The Philadelphia Pennsylvania Irrevocable Proxy is enforceable within the legal boundaries of Philadelphia. Therefore, the proxy holder's authority is limited to decisions, actions, or representations made within this particular jurisdiction. 3. Irrevocability: Unlike a standard proxy, which can be easily revoked or terminated by the principal, an irrevocable proxy cannot be canceled without the consent of both parties involved. This provides security and assurance to the proxy holder that their authority remains intact, barring any agreement to revoke or terminate the proxy. 4. Duration: The Philadelphia Pennsylvania Irrevocable Proxy can be designed to be either temporary or permanent. It may specify a set duration or remain valid until specific conditions or events occur. 5. Types: While the core principles of an irrevocable proxy persist, there can be variations in its types based on the specific purpose or scope of authority granted. Some common types include healthcare proxies, corporate proxies, shareholder proxies, and property-related proxies. Healthcare Proxy: Appoints a trusted person to make medical decisions for the principal if they become unable to do so. Corporate Proxy: Enables a proxy holder to represent the interest of a corporation in meetings, voting on resolutions, or making decisions on behalf of the corporation. Shareholder Proxy: Permits a shareholder to delegate their voting rights to another person or entity, allowing them to vote on corporate matters during shareholder meetings. Property Proxy: Grants the proxy holder the authority to manage and make decisions regarding the principal's property or assets, such as real estate, financial investments, or business transactions. It is crucial for both the principal and the proxy holder to fully understand the terms and conditions of the Philadelphia Pennsylvania Irrevocable Proxy, as well as consult legal advice to ensure compliance with local laws and regulations.
