Question: George Gibbons William Smith and Gerald Zollar were all shareholders
George Gibbons, William Smith, and Gerald Zollar were all shareholders in GRG Operating, Inc. (GRG). Zollar contributed $ 1,000 of his own funds so that the corporation could begin to do business. In exchange for this contribution, Gibbons and Smith both granted Zollar the right to vote their shares of GRG stock. They gave Zollar a signed form that stated that “Gibbons and Smith, for a period of 10 years from the date hereof, appoint Zollar as their proxy. This proxy is solely intended to be an irrevocable proxy.” A year after the agreement was signed, Gibbons and Smith wanted to revoke their proxies. Can they? Zollar v. Smith, 710 S. W. 2d 155, 1986 Tex. App. Lexis 12900 (Court of Appeals of Texas)
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