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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23049
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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If you are part of a company 49 % shareholder and other

Customer Question

if you are part of a company 49 % shareholder and other person 51% director can he remove my share holding completly with out my consent
Submitted: 2 years ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 2 years ago.

The other shareholder cannot just take your shares. Under most company constitutions he would have to buy your shares at whatever they are worth. He cannot force you to sell the shares to him and he cannot force you to sell the shares. He cannot even fire you as a director, as he would need 75% of the shares to do that. But if you dont have any money to contest this, you will have a problem because to contest these matters you would need to apply to the High Court and instruct a lawyer to do so