[§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]