1. (a) A proxy shall be valid only for a specific meeting and any of that meeting's adjournments.

2. (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. (1) The proxy is coupled with a financial interest in the dwelling unit; or
   2. (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.

3. (c) A proxy statement shall contain at least the following information:

   1. (1) The name of the corporation;
   2. (2) The date of the meeting to which the proxy is applicable;
   3. (3) The printed name and the signature of the shareholder giving the proxy; and
   4. (4) The dwelling unit or units for which the proxy is given.

[L 1993, c 282, pt of §1]