Mich. Comp. Laws § 450.1422
Irrevocable proxy.
Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 450.1422, Irrevocable proxy, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363656
- Permanent ID
ys:prov:1363656@1- SHA-256
df1164c31aa9c8f93f57a092e33917cc595acea75dc1b94119a95e86899f7d19
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
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.
(f) A holder of any other proxy coupled with an interest.