[§421I-4] Proxies. (a) A proxy shall be valid only for a specific meeting and any of that meeting's adjournments.
(b) A shareholder may designate any person or the board of directors as a proxy, and the proxy may be limited as indicated by the shareholder. No proxy shall be irrevocable unless:
(1) The proxy is coupled with a financial interest in the dwelling unit; or
(2) The proxy is held pursuant to a first mortgage of record encumbering a dwelling unit or an agreement of sale affecting a dwelling unit.
(c) A proxy statement shall contain at least the following information:
(1) The name of the corporation;
(2) The date of the meeting to which the proxy is applicable;
(3) The printed name and the signature of the shareholder giving the proxy; and
(4) The dwelling unit or units for which the proxy is given. [L 1993, c 282, pt of §1]
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