NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2422 Irrevocable proxy.
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
© 2009 Legislative Council, State of Michigan