(a) In this section, a “proxy coupled with an interest” includes the appointment as proxy of:
(1) a pledgee;
(2) a person who purchased or agreed to purchase the shares subject to the proxy;
(3) a person who owns or holds an option to purchase the shares subject to the proxy;
(4) a creditor of the corporation who extended the corporation credit under terms requiring the appointment;
(5) an employee of the corporation whose employment contract requires the appointment; or
(6) a party to a voting agreement created under § 6.252 or a shareholders’ agreement created under § 21.101.
(b) A proxy is revocable unless:
(1) the proxy form conspicuously states that the proxy is irrevocable; and
(2) the proxy is coupled with an interest.

Terms Used In Texas Business Organizations Code 21.369

  • 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.
  • Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
  • Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
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