Not me I am happy to say but someone close to me has this problem...

Company has 3 shareholders: 49% / 49% / 2%... The 2% a totally impartial bystander - will not take sides.

The 2 x 49% are both directors.

One of the directors has has taken cheque book, company seal, etc., and assuming management of the company.

What legal resourse does the other director have?

Neither has total control as no one has a majority share. Should the 2% side with one or other, that would make the difference.

I assume only one signature is required on the cheque books, so best to seek legal advice ASAP. That's if the account hasn't been emptied/transferred elsewhere already.

Edited July 30, 201015 yr by bangkockney

The issue is whose name is the company in at the Bank? Only that person or persons will have access to the money. The other director can have a new stamp made no problem. The big issue is who ever is authorized at the bank has the power of accessing ALL the money and this is very dangerous.

I guess U are referring to a business in Thailand ,where's the Thai partner, that might give some hint as to who is what.

Edited July 31, 201015 yr by chainarong

Both are Thai.