After the original shareholder sells the equity, can they still challenge unlawful resolutions made during their tenure?
Yes. For a resolution ‘adopted while you held shareholder status,’ a former shareholder still has the right to bring a voidable action even after transferring the equity, as long as it is within the time limit. However, actions for ‘not formed/void’ resolutions have broader standing requirements, and interested parties may also assert them.
Further Reading
The Company Never Distributes Dividends or Shows You the Books? The Action for Inspection Rights Teaches You How to Legitimately Inspect the Accounts | Lawyer Kevin Jun Lin
Who Loses When Nominee Shareholding Goes Wrong? Conditions, Risks, and Self-Help for a Hidden Shareholder’s Registration as a Shareholder of Record | Lawyer Kevin Jun Lin
The Right of First Refusal in Shareholders’ Agreements: One Clause That Determines Whether You Can Hold Control of the Company
Shareholder Exit Mechanism Clauses: Without an Exit Clause, Your Investment May Never Be Recoverable
Drag-Along and Tag-Along Rights: When a Majority Shareholder Wants to Sell the Company, What Can a Minority Shareholder Do?
Source article: Can a Shareholders’ Resolution Be Revoked? Practical Offense and Defense in Actions for Defective Resolutions | Lawyer Kevin Jun Lin
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