Practice question
A stockholder gives a signed proxy in a bylaw-authorized form, filed with the secretary within a reasonable time. It states it is effective for eight years. Which is best under section 57?
- Eight years is always valid if signed
- The proxy cannot validly operate for a period longer than five years at any one time
- A signature eliminates every limit
- Proxies are prohibited in all shareholder meetings
- Only oral proxies may last eight years
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463 — RA 11232, sections 22, 54–57
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