A Question About Coai Mpany Shareholdings, Sale And Death

[simon43]

This is only a 'what if' question. I have no immediate plans involving sale or death!

I own 49% of a Thai limited company that owns a successful hotel/guesthouse business in Phuket. The remaining 51% of shares are held by 3 Thai nationals, in the ratio of 49%/1%/1%.

I am the sole designated Director of this business, with sole authority over the company bank account.

Am I legally allowed to sell my 49% shareholding to another person without having to prior inform the other shareholders of my intentions? Assuming that this is legal, and a new non-Thai shareholder replaces me, what happens to the Director authority of the company? Do they assume this responsibility?

Note that my company memorandum documents do not seem to cover these situations.

Secondly, what happens if the 49% Thai shareholder dies? Who acquires their shareholding in the business? Is there an automatic process for a family heir to assume this shareholding? If the shareholding is automatically passed to their children, what happens if there is more than one heir?

Thanks - Simon

[floridaguy]

I don't know the answers, but I would think these things should be specifically spelled out in your company documents to avoid legal battles in case these things happen.