When a Thai company shareholder passed away, it is important to check the will of the deceased, the most current shareholder agreement, and company articles of association to decide how to deal with the deceased shareholder’s share. Moreover, if the Thai company is restricted under Thai Foreign Business Act, such share transfer should consider the percentage of shares of the foreign shareholders to hold not more than 49% percent of the total company shares.
There may be a case that the above-mentioned agreement or provisions conflict with the deceased's will, making transfer problematic. It should be bear in mind that the provisions of the articles or shareholders' agreement will take precedence over the deceased's will and contradict the deceased's wishes.
In addition, please be aware that the controlling shares and voting rights do not automatically pass on to the heirs of the deceased. According to Section 1132 of Thai Civil and Commercial Code, “if by some event such as the death or bankruptcy of any shareholder, another person becomes entitled to such shares, the company shall, surrender of the share certificate when possible, and on proper evidence being produced, register such other person as a shareholder.” In other words, if a shareholder passed away, the executor of the deceased shareholder would inform the director of the company regarding the acquisition of shares on behalf of the deceased shareholder, provided the director considered all documents and does not contrary to the law, the director the company needs to revise the share certificate and update the company register of members.
此外，請注意，控股權和投票權不會自動傳給已故股東的繼承人。根據泰國《民商法》第1132 條，“如果由於任何股東死亡或破產等事件，其他人有權獲得股份，公司應在可能的情況下交出股票並適當的出示證據，將該他人登記為股東。” 換句話說，如果股東去世，股東的遺屬執行人會通知公司董事在納入所有文件並且不違反法律情況下，需要修改股票並更新公司的股東名冊。
For corporate management purpose, we will recommend a Thai company to include any specific provisions either in a shareholders’ agreement or the company articles of association in respect to the death of a shareholder. By regulating the rights and obligations of a shareholder, and company management and various protective provisions for its shareholder, can avoid its beneficiary who do not have sufficient knowledge to perform the role as a shareholder who will get involved with company business decisions.
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