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Michigan Compiled Laws, Chapter 450. Corporations § 450.1422

Current as of February 09, 2022 | Updated by FindLaw Staff

Sec. 422. A proxy which is entitled “irrevocable proxy”, and which states that it is irrevocable, is irrevocable when it is held by any of the following or a nominee of any of the following:

(a) A pledgee of or other holder of a security interest in the shares.

(b) A person who has purchased or agreed to purchase the shares.

(c) A creditor of the corporation who extends or continues credit to the corporation in consideration of the proxy.

(d) A person who has contracted to perform services as a director, officer, or employee of the corporation, if a proxy is required by the contract of employment.

(e) A person designated by or under an agreement under section 461.  1

(f) A holder of any other proxy coupled with an interest.

1 M.C.L.A. § 450.1461.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 450. Corporations § 450.1422 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-450-corporations/mi-comp-laws-450-1422/

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