Sec. 422.
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.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
Last modified: October 10, 2016