If a person i.e. partner, shareholder or a director in a company wants to attend a meeting, consent or vote for an important decision without going in person, he can use proxy for his ownership and decision making rights. This can be defined as sending another person on your behalf to cast a vote, participate in a discussion or attend a meeting when you can’t or won’t attend the meeting by yourself. The person who gives rights to a proxy is called proxy giver and the holder is known as the proxy holder. A proxy giver can revoke or cancel the proxy anytime he wants.
There are many reasons why someone wants to revoke his proxy but the most important reason is that he is not happy with the decisions his proxy is making or he doesn’t want to cast his vote by proxy and want to do it in person or wants to attend an important meeting by himself so he writes a formal notification to the board of directors and inform them about revoke of his proxy and states that from the date mentioned in the letter, he will use his voting and decision making rights by himself and no other person is allowed to use his authority or ownership rights on his behalf after the revocation of the proxy on the date mentioned in the letter.
A Proxy can be Revoked by:
- The proxy giver can revoke the proxy by sending a formal notification letter to the board of directors and informing them that he has revoked his proxy on the mentioned date.
- A person can revoke his proxy by handing over the already written and signed revoke letter to the board of directors before the voting process.
- A person who wants to attend a meeting by himself or cast his vote personally and notify the board of directors on the voting day that he has revoked his proxy in form of a notice or letter.
- If the proxy giver dies, the proxy is automatically revoked but unless it’s prior to the voting, the vote of the proxy won’t be revoked or changed on request.
Key Elements to include in the Revocation of Proxy:
- Name of the company or corporation
- Name of the CEO of the company along with names of members of board of directors
- Name of the person i.e. director, partner or shareholder who is revoking the proxy
- Details of the proxy along with reference number of the proxy agreement
- Name of the proxy along with his designation in the company
- Reasons to revoke the proxy (only optional)
- Sworn statement of the writer that he is revoking the proxy and thus taking all the authorities from the proxy person including attending the meeting, consent, voting and dealing with other partners.
- Date when the undersigned has decided to revoke the proxy and signed this document
- Signature of the person along with his full name in case if he is a shareholder
- Reference to his ownership of shares in the company along with number of shares and class of shares
Here is preview of a Free Sample Revocation of Proxy Notice as fillable PDF form,
Here is download link for this Revocation of Proxy Notice,