Manila Polo Club, Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 24, 1984
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August 24, 1984 Manila Polo Club, Inc. McKinley Road Forbes Park, Makati Metro Manila Attention : Mr . Antonio C . Camagun President Sir : This has reference to your letter dated August 21, 1984, requesting the opinion of this Commission on whether it is necessary for the validity of the Special Powers of Attorney used as proxy forms in the annual elections of the Manila Polo Club, Inc. on August 27, 1984, to be notarized. llcd In reply thereto, please be informed that notarization of the Special Power of Attorney is not necessary for its validity as proxy form inasmuch as the same is not required in any of the provisions of your approved by-laws so long as the provision of Sec. 6 thereof is complied with. Sec. 6 of your approved by-laws is hereunder quoted: "SECTION 6. Manner of Voting . Voting members shall be entitled to one vote in person or by proxy appointed in writing by the member himself or by his duly empowered attorney. The proxy instrument for the annual meeting of members at which the Directors are to be elected, shall contain the names of the qualified nominees for Directors, in accordance with Section 4, Article IV, of these by-laws. The member must indicate his choice from among the list of nominees by affixing his signature after each of the names of the nominees of his choice on the proxy instrument. The members must also indicate on the proxy instrument how he wishes his proxy to vote on important matters in the Agenda. The proxy instrument shall provide space where the member giving a proxy shall indicate his choice of the affirmative or negative vote of any such question. Proxies submitted in blank shall be deemed abstentious and shall be counted for purposes of quorum only. The instrument appointing a proxy shall be deposited with the Secretary and the inspectors of election at the time of the meeting. No cumulative voting shall be permitted, and each member entitled to vote shall have but one vote." Please be advised accordingly. prcd Very truly yours, (SGD.) MANUEL G. ABELLO Chairman
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