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Resigning as a company Director

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  • 26-02-2013 10:44am
    #1
    Heinlein
    Registered Users Posts: 46 ✭


    I am thinking about resigning as a company Director and I have some questions:

    * What happens to my shares? I'm not interested in keeping them, so can I give up my shares or is it automatic when I resign as a Director?

    * According to the current legislation, is the other Director allowed to remain the only Director of the company?

    Thanks!


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    #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Shares: if you have a shareholders agreement, the options will be specified in that. if not the other shareholder can buy them or the company can buy them and cancel them. if they have no value a noominal 1 Euro sum would suffice.

    Number of directors: Basically that is not your problem!! but AFAIK if the remaining director wishes to be the only director, they will need to change the Memo & Articles to comply with the newer sole director facility.

    cheers

    Peter


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    #3
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    An Irish company must have a minimum of two (human) directors so if you resign as a director of the company the resignation will not be accepted by the CRO.

    Kind Regards


    David Branigan


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    #4
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    I defer to dbran, my mistake... I have confused a single member(shareholder) which is different to a single director ltd company, which is not permitted. There must be a minum of two directors. The second director does not have to be a shareholder.

    Peter


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