{"data":{"id":"us-mi/mich.-comp.-laws-450.2422","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.2422","heading":"Irrevocable proxy.","body":"Sec. 422.\n\nA 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:\n\n(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.\n\n(b) In the case of shares or memberships that are transferable, a person that has purchased or agreed to purchase the shares or membership.\n\n(c) A creditor of the corporation that extends or continues credit to the corporation in consideration of the proxy.\n\n(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.\n\n(e) A person designated by or under an agreement under section 461.\n\n(f) A holder of any other proxy coupled with an interest.","path":["MI Code","Chapter 450","Act Act-162-of-1982"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-2422","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"4a933c9e4499362260f1eef440d70e1e221b78b72d492d101e21d3c628d63b01","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.2421","next":"us-mi/mich.-comp.-laws-450.2423"},"notice":"GroundRules: Original legal text. Not legal advice."}