[§421I-4] Proxies.

152 words·~1 min read·/hi/421i-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

[§421I-4] Proxies.

(a)A proxy shall be valid only for a specific meeting and any of that meeting's adjournments.

(b)A shareholder may designate any person or the board of directors as a proxy, and the proxy may be limited as indicated by the shareholder. No proxy shall be irrevocable unless:

(1)The proxy is coupled with a financial interest in the dwelling unit; or

(2)The proxy is held pursuant to a first mortgage of record encumbering a dwelling unit or an agreement of sale affecting a dwelling unit.

(c)A proxy statement shall contain at least the following information:

(1)The name of the corporation;

(2)The date of the meeting to which the proxy is applicable;

(3)The printed name and the signature of the shareholder giving the proxy; and

(4)The dwelling unit or units for which the proxy is given. [L 1993, c 282, pt of §1]