Section 450.1422 - Irrevocable proxyA 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) A pledgee of or other holder of a security interest in the shares.(b) A person who has purchased or agreed to purchase the shares.(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 person designated by or under an agreement under section 461.(f) A holder of any other proxy coupled with an interest.1972, Act 284, eff. 1/1/1973 ;--Am. 1989, Act 121, eff. 10/1/1989 .