The instrument in terms of which a proxy is appointed and power of attorney (if any) under which it is signed shall be deposited at the office of the Bank not less than forty-eight (48) hours before the time appointed for the holding of the meeting or adjourned meeting, as the case may be, at which the person named in such instrument proposed to vote, or at such other places and within such time as the Board may from time to time direct.

No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date of its execution, unless specifically so stated on the proxy itself.