2 Comments Commercial law, litigation, contracts, IP, property law
Going travelling will bear no effect whatsoever on your shareholding in the company. You own those shares and cannot be dispossessed for going on a holiday or working trip.
With regards your director's duties, you need to refer to your company's constitution or, in the absence thereof, the replaceable rules in the Corporations Act. These will determine how many directors need to be present at any meeting to form a quorum and therefore be able to discharge official business.
If there are not enough directors left in the country in your absence, you may need to appoint an alternative/proxy director to act on your behalf while you're away. Most banks and other organisations require signatures from two directors, if there are two other directors still in the country in your absence, then they can act without you unless something needing action mentions you specifically by name.
In a worst case scenario, you could contribute to the business of the directors from abroad through the use of circular resolutions.
Talk it through with your other directors and formulate a strategy for how things will be managed in your absence. At the least you still want to keep yourself apprised of what is happening in the company... A lot can go on in 6 months and being out of the country does not absolve you of your fiduciary duties as a director.
TheEarl 2016-03-01 16:53:38