Proxy Agreement Sample Malaysia: The Basics
A proxy agreement is a legally binding document that enables a person or entity to act as an agent for another individual or company. In Malaysia, proxy agreements are commonly used for a variety of purposes, including for attending company meetings, voting on behalf of shareholders, and giving powers of attorney. In this article, we will take a closer look at a proxy agreement sample in Malaysia, what it entails, and why it is important to have one.
Components of a Proxy Agreement
A proxy agreement typically includes several key components, including:
1. The name and address of the proxy holder – This is the individual or entity who will be acting as the agent for the principal.
2. The name and address of the principal – This is the individual or entity who is appointing the proxy holder.
3. The duration of the agreement – This specifies the start and end date of the proxy agreement.
4. The specific powers granted to the proxy holder – This includes duties such as attending meetings, voting on behalf of the principal, and making decisions on behalf of the principal.
5. The terms and conditions of the agreement – This outlines the responsibilities and obligations of both the proxy holder and the principal.
Why is a Proxy Agreement Important?
A proxy agreement is important because it allows the principal to delegate certain responsibilities and powers to another individual or entity. This can be particularly useful in situations where the principal is unable to attend certain meetings or perform certain duties themselves. By appointing a proxy holder, the principal can ensure that their interests are still represented, even if they are unable to be present themselves.
In addition, a proxy agreement can help to prevent conflicts and misunderstandings between the principal and the proxy holder. By outlining the specific terms and conditions of the agreement, both parties can have a clear understanding of their responsibilities and obligations.
Sample Proxy Agreement in Malaysia
Here is a sample proxy agreement in Malaysia:
“This Proxy Agreement is entered into on [insert date] by and between [insert name and address of the principal] (the “Principal”) and [insert name and address of the proxy holder] (the “Proxy Holder”).
The Principal hereby appoints the Proxy Holder as their agent and attorney-in-fact, with full power and authority to vote on behalf of the Principal at any meeting of shareholders of [insert company name], and to take any other actions that the Proxy Holder deems necessary or appropriate to protect the interests of the Principal with respect to their holdings of shares in [insert company name].
This Proxy Agreement shall remain in effect until [insert end date], unless sooner revoked by the Principal in writing.
The Proxy Holder agrees to abide by the terms and conditions of this agreement and to act in the best interests of the Principal in all matters relating to their duties as Proxy Holder.
IN WITNESS WHEREOF, the parties have executed this Proxy Agreement as of the date first above written.”
In conclusion, a proxy agreement sample in Malaysia is an essential document that enables one individual or entity to act on behalf of another. Whether you are a shareholder of a company or simply need someone to handle certain duties on your behalf, a carefully drafted proxy agreement can provide peace of mind and ensure that your interests are always represented. If you need assistance in drafting a proxy agreement, it is always best to consult with a legal professional to ensure that your rights and interests are protected.