Open Source Content Management

Hi,

We just registered new company, of three member, I as director & 450% shareholder AND two shareholders of 200% and 350% respectively. the shareholder with 350% has just resigned due to his personal reasons, we are confused, what should happen to his 350% shares in the business? especially that the company is new, not yet in operation, he just resigned few hours before the CIPC complete the registration, now that the documents & shareholders certificates got delivered to us today, what must we do? is he supposed to have his certificate even if he is no longer the shareholder? or is it possible to reverse the registration so that he can be removed as the shareholder? somebody help.

Type of Business: (Pty) Ltd
No of Shareholders: 3, (450%, 350% and 200% shares each)
Resigned Shareholder: 350%.


Thank you.
Marumo

You can rectify it after the company is registered. If you need any help, contact me and I can assist you with the necessary steps to do that.
Regards
Francois Carstens

Because the company has no value yet the remaining shareholders can purchase the shares at 1c per share and submit the adjustment to the cipc to redistribute the shares. This process will probably cost you around R500. i have a service provider who can supply the templates and process the paperwork for you. She does my company secretarial work. Ilana Steyn at Online Business. Contact me for her number.

I should be quite easy to get the shares back - by buying them from the shareholder who has left. For future reference you should probably look at agreeing a vesting period when you allocate shares so that a person only owns their shares once that have been involved in the business for a period of time.