Michigan Compiled Laws
162-1982-4 - Chapter 4 (450.2401...450.2497)
Section 450.2422 - Irrevocable Proxy.

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

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)

162-1982-4 - Chapter 4 (450.2401...450.2497)

Section 450.2401 - Meetings of Shareholders or Members; Location.

Section 450.2402 - Annual Meeting of Shareholders or Members for Election of Directors and Conduct Other Business; Failure to Hold Meeting at Designated Time or Elect Sufficient Number of Directors; Adjournment of Meeting; Court Order to Hold Meeting...

Section 450.2403 - Special Meeting of Shareholders or Members; Court Order; Quorum.

Section 450.2404 - Notice of Time, Place, and Purposes of Meeting of Shareholders or Members; Manner; Contents; Notice of Adjourned Meeting; Notice Not Given; Attendance at Meeting; Participating and Voting by Remote Communication; Meeting Without No...

Section 450.2405 - Shareholder, Member, or Proxy Holder Participation in Meeting by Conference Telephone or Other Means of Remote Communication; Conditions; Participation as Presence in Person at Meeting; Participating and Voting by Remote Communicat...

Section 450.2406 - Chairperson Presiding at Meeting of Shareholders or Members; Powers, Duties, and Authority.

Section 450.2406a - Notice by Electronic Transmission.

Section 450.2407 - Taking Corporate Action Without Meeting; Consent; Notice; Statement on Filed Certificate; Consent by Electronic Transmission; Delivery.

Section 450.2408 - Taking Corporate Action Without Meeting; Shareholder or Member Action by Ballot; Requirements; Revocation of Ballot; Inclusion of Proposed Action in Ballot; Statement of Certificate.

Section 450.2409 - Taking Corporate Action Without Meeting; Voting by Shareholder or Member at Polling Place; Accessibility; Requirements; Revocation of Ballot; Inclusion of Proposed Action in Ballot; Statement on Certificate.

Section 450.2411 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2412 - Record Date.

Section 450.2413 - Making and Certifying List of Shareholders or Members Entitled to Vote at Meeting or Adjournment; Requirements; Noncompliance; Adjournment of Meeting; Validity of Action Taken.

Section 450.2415 - Quorum; Continuing Conduct of Business if Less Than Quorum; Adjournment of Meeting; Shareholders Entitled to Vote Separately.

Section 450.2421 - Authorizing Person to Act for Shareholder or Member by Proxy; Election of Directors by Proxy; Validity; Revocability; Methods of Granting Authority; Use of Copy, Facsimile, or Reproduction.

Section 450.2422 - Irrevocable Proxy.

Section 450.2423 - Revocability of Proxy.

Section 450.2431 - Inspectors at Shareholders' or Members' Meeting; Waiver; Appointment and Duties; Failure to Appoint; Vacancy; Report; Evidence.

Section 450.2432 - Beneficial Owner of Shares or Memberships Registered in Name of Nominee; Recognition by Corporation as Shareholder or Member; Procedure.

Section 450.2441 - Voting Generally.

Section 450.2442 - Voting as Class.

Section 450.2443 - Grouping of Members in Local Units; Basis; Purpose; Actions Authorized by Bylaws; Incorporation and Powers of Local Units; Powers, Rights, and Privileges of Elected Representatives or Delegates.

Section 450.2444 - Voting by Corporation or Business Corporation; Voting of Pledged Shares.

Section 450.2445 - Voting of Shares or Membership Held by Person in Representative or Fiduciary Capacity or Held Jointly by Fiduciaries.

Section 450.2446 - Voting of Shares or Membership Held by Joint Tenants or Tenants in Common.

Section 450.2447 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2447a - Voting of Shares or Memberships if Owned by Another Corporation or Business Corporation.

Section 450.2448 - Redemption of Shares; Voting.

Section 450.2451 - Voting for Directors.

Section 450.2455 - Action Requiring Vote or Concurrence of Greater Proportion of Shares, Members, or Class Than Required by Act; Amendment of Articles of Incorporation.

Section 450.2461 - Agreement as to Voting Rights.

Section 450.2466 - Transfer of Shares or Membership to Trustee; Filing of Voting Rights Agreement; Voting and Other Rights of Trustee; Inspection of Filed Copy of Voting Trust Agreement; Description of Beneficial Interests.

Section 450.2467 - Shares or Memberships Subject to Voting Trust; Liability of Trustee; Designation of 2 or More Persons as Voting Trustees.

Section 450.2468 - Extension of Voting Trust Agreement.

Section 450.2471 - Shares as Personal Property; Transfer; Applicability of MCL 440.8101 to 440.8601.

Section 450.2472 - Transfer or Registration of Bond, Share, or Membership; Written Restriction.

Section 450.2473 - Transfer or Registration of Bond, Share, or Membership; Imposition of Restrictions; Conditions.

Section 450.2481 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2485 - Books, Records, and Minutes.

Section 450.2487 - Mailing Balance Sheet and Statements to Shareholder or Member Upon Request; Inspection During Regular Business Hours; Written Demand; "Proper Purpose" Defined; Order Compelling Inspection; Burden of Proof; Powers of Court; Inspecti...

Section 450.2488 - Agreement Among Members of Corporation.

Section 450.2489 - Court Action That Certain Acts Illegal, Fraudulent, or Willfully Unfair and Oppressive; Order or Relief; "Willfully Unfair and Oppressive Conduct" Defined.

Section 450.2491 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2491a - Definitions.

Section 450.2492 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2492a - Derivate Proceeding; Criteria to Be Met by Shareholder or Member.

Section 450.2493 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2493a - Derivative Proceeding; Commencement.

Section 450.2494 - Derivative Proceeding; Investigation; Issuance of Stay.

Section 450.2495 - Derivative Proceeding; Dismissal.

Section 450.2496 - Derivative Proceeding; Discontinuance or Settlement; Court Approval Required.

Section 450.2497 - Derivative Proceeding; Termination.