2014 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 162 of 1982 NONPROFIT CORPORATION ACT (450.2101 - 450.3192)
162-1982-4 CHAPTER 4 (450.2401...450.2493)
Section 450.2422 Irrevocable proxy.

MI Comp L § 450.2422 (2014) What's This?

Act 162 of 1982
450.2422 Irrevocable proxy.

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) In the case of shares or memberships which are transferable, a pledgee.

(b) In the case of shares or memberships which are transferable, a person who has purchased or agreed to purchase the shares or members.

(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 holder of any other proxy coupled with an interest.

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

History: 1982, Act 162, Eff. Jan. 1, 1983

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