Whether the personal representative (PR) of a deceased shareholder is entitled to exercise the voting and pre-emption rights of that deceased shareholder depends on a number of factors, including the terms of issue of the shares in question, the provisions of the company’s articles of association and the terms of any agreement relating to those shares (eg a shareholders’ agreement). Transmission of shares A PR may be an executor, if the deceased shareholder made a will, or an administrator, if the shareholder has died intestate. On the death of a shareholder, their shares are transmitted to their PR automatically (ie they are transferred by operation of law, without any instrument of transfer being required), unless the shares are held jointly. For more information, see Q&A: Can personal representatives transfer shares in a company without a grant of probate? Where the shares are held jointly, the interest of the deceased shareholder passes automatically to any remaining joint shareholder, in accordance with the company’s articles (see Practice Note: Joint shareholders). Therefore,