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Originally Posted by Stanleymad
Then can they do this 'legally' then or does it still require someone to buy out that 51%  |
Don't know, but I suspect that EW can vote who he wants in as he owns the shares.
Here are details of legal ownership of shares:
The entry of the person or persons in to the share records is the acid test of whom owns a certain share. Thus the name has to appear in the share register for the law to recognise that ownership is effective from:
1. The signing date of the instrument of transfer;
2. The date the company's officers met to approve and record the share transfer, or
3. The date the stamp was placed on the share transfer documents stamped
Obviously if this has not been done then DON knows fine well who leaglly owns the shares. There could also be clauses in the Club's Articles of Association concerning the transfer of shares to an outsider
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Save for a listed company, a company's Articles of Association may restrict the right of a member to transfer his shares and may require him, in specified circumstances, to offer his shares for sale. Normally, such provisions would prohibit him from transferring his shares to an outsider at a given price unless existing members have been given an opportunity to purchase the shares at the same price and such remaining members have refused to purchase the shares. Where a company's Articles contain such a provision either the procedure laid down must be followed or a Special Resolution passed by the members relaxing the pre-emption provisions in respect of a specific transfer
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