Dealing with Shares on a Shareholder's Death: The Plight of the Deceased's Personal Representative.

Abstract

Objective This paper aims to examine the extent of the personal representative's duties and liabilities in dealing with shares on the death of a shareholder. The paper also analyses the procedure to administer the shares and the available options to the estate beneficiaries with regard to their entitlements to the shares. Methodology/Technique The discussion adopts the doctrinal analysis by examining the existing primary and secondary materials, including statutory provisions as provided by the Probate and Administration Act 1959 and the Companies Act 1965, case law and other legal and non-legal literatures relating to the duties and liabilities of the personal representative in dealing with the deceased's shares. Findings The discussion adopts the doctrinal analysis by examining the existing primary and secondary materials, including statutory provisions as provided by the Probate and Administration Act 1959 and the Companies Act 1965, case law and other legal and non-legal literatures relating to the duties and liabilities of the personal representative in dealing with the deceased's shares. Type of Paper: Review Keywords: Shareholder's Death, Shares, Estate Distribution, Personal Representative, Malaysian Law.

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“…Other than the empowerment to administer the decesead estate, the Estate Distribution Division, the High Court and Amanah Raya Berhad also being empowered in appointment of the personal representative before estate can be proceed to distribution according to Halim et al (2013). The personal representative refers an entrusted person with full of trust and honesty to fulfil his obligation in administrating the estate to the end process (Raman, 2018;Mohd Noor & Halim (2013).…”

“…The same provision provides that this transmission must be registered for the personal representative to be recognized as having title to the share. Halim et al (2013) emphasized that the right of personal representative over the shares left by the deceased is depending on the type of shares and subject ot each company's memorandum and article of association. Thus, the transmission of deceased's estate to the personal representative must obliged the law and regulatios governed to kind of estate left by the deceased.…”