04 NCAC 16E .0202. FORM OF PROXY

(a)  Every form of proxy solicited by a savings bank shall conform to the following requirements:

(1)           The proxy shall be revocable at will, with the power to revoke not being conditioned on any event or occurrence or otherwise limited; however, a proxy may be made irrevocable to the extent permitted by the applicable provisions of G.S. 55‑7‑22 and only when the proxy clearly indicates that it is to be irrevocable.

(2)           The proxy shall be clearly labeled "Revocable Proxy" in at least 18‑point, boldface type.

(3)           The proxy shall not be part of any other document or instrument.  Provided, however, that a carbex signature card (a two‑part form consisting of a signature card and proxy card) is specifically permitted.  The account holder must sign both the signature card and the proxy card in order to validate them.

(b)  The proxy may include provisions permitting both permanent revocation of the proxy as to any particular meeting or meetings, and a provision that the proxy will remain valid until "cancelled by a writing delivered to the Secretary of the savings bank".

 

History Note:        Filed as a Temporary Adoption Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54C‑53; 54C‑105;

Eff. February 15, 1992.