Treasury shares owned by the corporation are not entitled to vote. A proxy is a power of attorney given by a stockholder authorizing a designated person to vote the shareholder's stock. A proxy must be in writing and signed by the shareholder granting the proxy. The person exercising the proxy need not be a shareholder in the corporation although this is usually the case. Proxies are generally valid for a period not exceeding eleven months but can be extended.
Proxies are generally revocable.
Proxies can also be revoked due to the death or incompetency of the shareholder. An appointment of a proxy is valid for eleven months unless a longer period is expressly provided in the appointment form. Inc. All rights reserved. Legal and copyright notice. Reproduction or copying is prohibited.