Mich. Comp. Laws § 450.2422
Irrevocable proxy.
Michigan · Michigan Compiled Laws — NONPROFIT CORPORATION ACT (Act 162 of 1982) · Status: effective
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- Citation
- Mich. Comp. Laws § 450.2422, Irrevocable proxy, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363945
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Full text
A proxy that is entitled "irrevocable proxy", and that 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) In the case of shares or memberships that are transferable, a holder of a pledge or other security interest in the shares or membership.
(b) In the case of shares or memberships that are transferable, a person that has purchased or agreed to purchase the shares or membership.
(c) A creditor of the corporation that extends or continues credit to the corporation in consideration of the proxy.
(d) An individual 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.