(1)A shareholder may vote the shareholder's shares in
person or by proxy.
(2)Without limiting the manner in which a shareholder may appoint a proxy
to vote or otherwise act for the shareholder, the following constitutes valid means
of appointment:
(a)A shareholder may appoint a proxy by signing an appointment form,
either personally or by the shareholder's attorney-in-fact.
(b)A shareholder may appoint a proxy by an electronic transmission to the
person who will be the holder of the proxy or to a proxy solicitation firm, proxy
support service organization, or similar agent duly authorized by the person who
will be the holder of the proxy to receive the transmission. The transmission must
set forth or be submitted with information from which it can be determined that the
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(1) A shareholder may vote the shareholder's shares in
person or by proxy.
(2) Without limiting the manner in which a shareholder may appoint a proxy
to vote or otherwise act for the shareholder, the following constitutes valid means
of appointment:
(a) A shareholder may appoint a proxy by signing an appointment form,
either personally or by the shareholder's attorney-in-fact.
(b) A shareholder may appoint a proxy by an electronic transmission to the
person who will be the holder of the proxy or to a proxy solicitation firm, proxy
support service organization, or similar agent duly authorized by the person who
will be the holder of the proxy to receive the transmission. The transmission must
set forth or be submitted with information from which it can be determined that the
shareholder authorized the electronic transmission. If it is determined that an
electronic transmission is valid, the person making that determination shall specify
the information upon which the person relied.
(3) An appointment of a proxy is effective against the corporation when
received by the corporation, including receipt by the corporation of an appointment
transmitted pursuant to subsection (2)(b) of this section. An appointment is valid for
the term specified in the appointment form and, if no term is specified, is valid for
eleven months unless the appointment is irrevocable under subsection (5) of this
section.
(4) A copy, facsimile, telecommunication, or other reliable reproduction of
the document, including any electronic transmission, created pursuant to
subsection (2) of this section may be substituted or used in lieu of the original
document for any and all purposes for which the original document could be used if
the copy, facsimile, telecommunication, or other reproduction is a complete
reproduction of the entire original document.
(5) An appointment of a proxy is revocable by the shareholder unless the
appointment form conspicuously states that it is irrevocable and the appointment is
coupled with an interest. Appointments coupled with an interest include the
appointment of any of the following persons or their designees:
(a) A pledgee;
(b) A person who purchased or agreed to purchase the shares;
(c) A creditor of the corporation who extended credit to the corporation
under terms requiring the appointment;
(d) An employee of the corporation whose employment contract requires the
appointment; or
(e) A party to a voting agreement created under section 7-107-302.
(6) The death or incapacity of the shareholder appointing a proxy does not
affect the right of the corporation to accept the proxy's authority unless notice of
the death or incapacity is received by the secretary or other officer or agent
authorized to tabulate votes before the proxy exercises the proxy's authority under
the appointment.
(7) An appointment made irrevocable under subsection (5) of this section is
revoked when the interest with which it is coupled is extinguished, but such
revocation does not affect the right of the corporation to accept the proxy's
authority unless:
(a) The corporation had notice that the appointment was coupled with that
interest and notice that the interest is extinguished is received by the secretary or
other officer or agent authorized to tabulate votes before the proxy exercises the
proxy's authority under the appointment; or
(b) Other notice of the revocation of the appointment is received by the
secretary or other officer or agent authorized to tabulate votes before the proxy
exercises the proxy's authority under the appointment.
(8) The corporation shall not be required to recognize an appointment made
irrevocable under subsection (5) of this section if it has received a writing revoking
the appointment signed by the shareholder either personally or by the
shareholder's attorney-in-fact, notwithstanding that the revocation may be a
breach of an obligation of the shareholder to another person not to revoke the
appointment. This provision shall not affect any claim such other person may have
against the shareholder with respect to the revocation.
(9) Unless an appointment otherwise provides, an appointment made
irrevocable under subsection (5) of this section continues in effect after a transfer
of the shares and a transferee takes the shares subject to the appointment; except
that a transferee for value of shares subject to an irrevocable appointment may
revoke the appointment if:
(a) The transferee did not know of its existence when the transferee
acquired the shares; and
(b) The existence of the irrevocable appointment was not noted on the
certificate representing the shares or on the information statement for shares
without certificates.
(10) Subject to section 7-107-205 and to any express limitation on the
proxy's authority appearing on the appointment form, a corporation is entitled to
accept the proxy's vote or other action as that of the shareholder making the
appointment.