Section 450.2422 - Irrevocable proxyA 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.Amended by 2014, Act 557,s 66, eff. 1/15/2015.1982, Act 162, eff. 1/1/1983.