Revocation of Proxy
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How to make up a Revocation of Proxy? What is proxy revocation, and how does it work? Download our sample template which is comprehensive and easy to follow.
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How to make up a Revocation of Proxy? What is proxy revocation, and how does it work? Download our sample template which is comprehensive and easy to follow. It includes all the necessary steps and documentation to ensure a successful revocation. Save time and hassle with our Revocation of Proxy template.
A Revocation of Proxy is a legal document used to cancel or revoke a previously granted proxy authorization. In the context of corporate governance and shareholder meetings, a proxy is a written authorization that allows one person or entity (the proxy holder or proxy) to vote on behalf of another person or shareholder (the principal or grantor) during a meeting when the principal cannot attend in person.
Here's how a Revocation of Proxy works:
- Proxy Authorization: Initially, the principal grants a proxy to another individual, typically by completing and signing a proxy form. This form specifies the person who will represent them and how their votes should be cast on specific matters to be decided during a meeting.
- Change of Decision: Circumstances may change, and the principal may decide that they no longer want the proxy holder to vote on their behalf or that they wish to attend the meeting in person and cast their votes directly.
- Revocation of Proxy: To cancel or revoke the previously granted proxy, the principal completes a Revocation of Proxy form or a written statement that clearly expresses their intention to revoke the proxy authorization. This revocation should include the principal's name, the date, and the identification of the proxy authorization they wish to revoke.
- Delivery: The Revocation of Proxy is typically delivered to the proxy holder, the company's management, or the entity responsible for conducting the meeting. It is crucial to ensure that the revocation is received before the meeting to prevent the proxy holder from voting on behalf of the principal.
- Attendance at the Meeting: If the principal decides to attend the meeting in person, they can do so and cast their votes directly, overriding any previous proxy authorization.
- Documentation: The revocation of the proxy serves as documentation of the principal's intent to cancel the proxy authorization. It helps avoid any confusion or potential disputes regarding the validity of the proxy vote.
Revocations of proxy are commonly used in corporate settings, particularly during shareholder meetings, where shareholders may change their minds about how they want their votes to be cast or decide to attend the meeting personally. By issuing a Revocation of Proxy, the principal ensures that their vote will not be counted based on the previous proxy authorization.
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