Normative Juridical Analysis of the Transfer of Share Ownership Due to the Death of a Shareholder in a Closely Held Company and Its Implications for Legal Certainty in Business Practice

Teenu Chandra Jiriadana; Anthony Alexander  Sompoton; Michael Hendy  Hadylaya

doi:10.63922/ijevss.v5i04.6673

Teenu Chandra Jiriadana Sekolah Tinggi Ilmu Hukum Litigasi Jakarta
Anthony Alexander Sompoton Sekolah Tinggi Ilmu Hukum Litigasi Jakarta
Michael Hendy Hadylaya Sekolah Tinggi Ilmu Hukum Litigasi Jakarta

DOI: https://doi.org/10.63922/ijevss.v5i04.6673

Keywords: Share Ownership, Legal Certainty, Business Shares, Deceased Shareholder, Share Ownership Transfer

Abstract

The death of a shareholder in a private limited liability company triggers the transfer of share rights to heirs by operation of law. This transfer concerns not only the distribution of the inheritance estate but also has implications for the exercise of corporate rights—specifically regarding share ownership registration, the exercise of voting rights, the fulfillment of quorum requirements, and the validity of resolutions passed at the General Meeting of Shareholders (GMS). This study aims to analyze the legal framework governing the transfer of shares via inheritance—based on the Civil Code, the Compilation of Islamic Law, and the Limited Liability Company Law—as well as the legal consequences of joint ownership of inherited shares on the heirs' exercise of corporate rights. The study employs a normative-juridical method utilizing statutory, conceptual, and limited comparative approaches. Legal materials were analyzed qualitatively through grammatical and systematic interpretation and deductive reasoning. The findings indicate that proprietary rights over shares pass to the heirs immediately upon the testator's death. However, the exercise of corporate rights vis-à-vis the company requires proof of heir status and registration in the Register of Shareholders. If a single share is owned by multiple heirs, Article 52 paragraph (5) of the Limited Liability Company Law mandates that rights arising from the share be exercised through a single joint representative. Until such a joint representative is appointed, voting rights attached to the share cannot be validly exercised, and the share cannot be counted as present or represented at the GMS. This situation can impede the achievement of a quorum and affect the validity of GMS resolutions. The study concludes that while the Limited Liability Company Law recognizes the transfer of shares by operation of law, it lacks comprehensive regulations regarding the procedure, timeframe, and resolution of deadlocks concerning the appointment of a joint representative. Therefore, technical regulations and provisions within the company's Articles of Association are required to provide legal certainty without infringing upon the rights of the heirs.

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