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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22416
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I own 15 % of Company A. Company A has bought and holds 50%

Customer Question

I own 15 % of Company A.
Company A has bought and holds 50% of Company B.
I dont want to be involved in company B anymore - how can i exctricate myself from company B only
Submitted: 8 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 8 months ago.
Legally, you are not an owner of Company B, because the owner is Company A. Because of your percentage of shareholding you cannot move at a meeting of company A to sell the shares in B unless you get the other shareholders to agree.
Expert:  Chris The Lawyer replied 8 months ago.
You would need to get a majority of shareholders to agree to a sale of the shares in B.
Customer: replied 8 months ago.
HI Chris,Thanks for the responseSo to confirm - I cannot remove myself from company B unless other shareholders agree or I sell totally and leave company A and B at the same timeRegards
Expert:  Chris The Lawyer replied 8 months ago.
That is correct, you would need to sell your interest in Company A to sever any connection with B

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