Legal Question in Business Law in New York
Death of s-coproration officer
There are 3 stockholders in a family owned corporation. One has recently died, the 2 other have not been involved directly with the corporation for over 2 years. The deceased officer's wife is trying to negotiate an asset sale without the other 2 officers. Can she finish this transaction without the other officers does she have any right to conduct business for the company? She had power of attorney over his affairs toward the end.
1 Answer from Attorneys
Re: Death of s-coproration officer
She could conceivably do it depending on the nature of the assets, but not legally. If the corporation owns the assets, absent some bylaw or contract she entered into with husband,the shareholders, through the corporate
officers and /or directors should have control
of the assets. A personal power of attorney would not have any effect on the corporate affairs.
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