What Is Legal Proxy Mean

09 dec What Is Legal Proxy Mean

The following is an excerpt from the proxy materials for the 2016 Annual General Meeting of Corning Inc. PROXY. One person appointed in place of another to represent him. 2. In canon law, a judicial overseer or a person appointed to administer the legal affairs of another man is called an agent. Ayl. Parerg. 3. The act by which a person is so appointed shall also be referred to as a representative. 4. Proxies are also annual payments from parish clergy to the bishop, etc., during visits. Tom. Dictionnaire de droit, h.t.

Vide Rutherf. Inst. 253; Hall Pr. 14. 5. The right to vote in the election of a company by proxy is not a general right and the party claiming it must prove a special power of attorney for that purpose. on Corp. 67-69; 1 Paige`s Ch. Rep. 590; 5 days Rep. 329; 5 Cowen, MP 426. Anyone can view a public company`s proxy statement on the SEC`s website as “DEF 14A.” In remote voting, shareholders may have the right to vote by mail, telephone or Internet.

Shareholders use the information contained in proxy circulars to support the decision-making process. The greatest modern meaning of proxies lies in their use in shareholder voting. The Companies Act (2006) in the United Kingdom and state laws in the United States require shareholders of limited liability companies and limited liability companies to vote in person or by proxy. The separation of ownership from management shares in corporations, where ownership is largely held by the public, has made the proxy a powerful control weapon, as the majority of shareholders can rarely be gathered in person for meetings where directors are elected. Since annual meetings of shareholders are usually required by law, the management of these corporations may obtain proxies from all shareholders at the expense of the corporation, obtain the powers of a quorum and a majority, and vote by proxy for directors of their choice. Power of attorney, a term that refers either to a person authorized to appear elsewhere or to the legal instrument by which the power of attorney is conferred. It is a contracted form of the Middle English word “procuracie”. Proxies are now primarily used for specific reconciliation purposes. A power of attorney can legally be general or special.

A general power of attorney empowers the person to whom it is entrusted to exercise general discretion throughout the matter, while a special power of attorney limits the power to a particular proposal or decision. In English and American bankruptcy proceedings, creditors may vote through an agent, and any proxy, which may be general or special, is issued either by the official receiver or by the trustee. In general, any power held by a shareholder at a meeting of the corporation may be delegated to a proxy. An ordinary representative may vote on the company`s regular transactions, such as amending the articles of association. However, the authorized representative is not authorized to disclose extraordinary transactions of the corporation, such as: to vote on a merger, unless he has a special proxy to do so. If a proxy acts within the scope of his or her proxy in accordance with the principles of the power of attorney, the shareholder is bound as if he or she had acted personally. Proxy comes from a contracted form of the Middle English word procuracie (meaning “power of attorney”). An agent may designate a person who is authorized to act on behalf of another person or may determine the function or authority to serve elsewhere. In the latter sense, it is usually preceded by the word (“proxy voting”). Management ensures that interests are fully represented by often encouraging shareholders who are unable to attend the AGM to vote by proxy. Information presented at the annual meeting often influences the future direction of the company, which can have a direct impact on the value of a shareholder`s interest in the company.

A proxy is a person who represents a member at the general meeting of a company with a legal document that could prove his authority. In accordance with Delaware General Corporation Law (DGCL) Title 8, Chapter 1, Section 211, the Company shall take reasonable steps to ensure that the proxy has the same rights as the shareholder to attend, vote and hear the minutes of the meeting; It doesn`t matter if the meeting is held remotely or in person. Each proxy also has the same rights as a shareholder to express his or her approval or disapproval in writing without a meeting, in accordance with Title 8, Chapter 1, Section 212(b) of the DGCL. Proxy has recently taken on meanings in data processing, where it is found in expressions such as proxy servers, a computer system that facilitates the exchange of data between users over a network. The proxy is also an abbreviation for a proxy statement, which is a written notice that must be sent by the corporation to shareholders before voting by proxy, and which contains information such as the subjects to be voted and the names of the directors standing for election to the board, votes on transactions, etc. n. 1) a person authorized to replace him at a meeting, including with the right to vote. 2) written authorization given to someone to act or vote in his place.