Michigan Laws 450.2422 – Irrevocable proxy
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 450.2422
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
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.