§ 4007 — Proxies

(a) Voting at a meeting may be either in person or by proxy executed in writing by the member or shareholder or by his duly authorized attorney-in-fact. The forms and wording of all proxies must receive prior approval of the Commissioner. (b) No proxy shall be valid: (1) After 11 months from the date of its execution, unless otherwise provided in the proxy. (2) Unless executed in an instrument separate from other forms or documents relating to the member's accounts. (3) For any meeting at which the member who gave it is present, provided that notice is given by the member in writing, prior to the taking of any vote, to an official whom the savings bank shall identify at the meeting as having responsibility for the matter. (4) Unless the member giving the proxy is told by the person to whom it is given that the proxy is optional and that the voting rights it represents can be exercised by the member himself.

Legislative History

(Source: P.A. 86-1213.)