Company law

The directors control the company’s affairs and act as its agent. A company is a legal person; hence the directors are not personally liable for acting on behalf of it. They have a fiduciary relationship with the company and its shareholders. However, if a director acts beyond his power, he can be held personally liable.

Question is whether legal heirs of the shareholder can legally avoid inheriting the shares as well as liability of the pvt ltd co? Another question is whether legal heirs can avoid liability of the director for the personal guarantee given since director may have provided legal heirs with property in individual capacity? Far as the co as a legal entity is concerned the liability is limited and no further liability would arise for the co?