Nord20

He most assuredly is legally obliged to tell the board. His first duty is to do what is in the best interest of the company.

Don't forget that just because he is a shareholder doesn't mean he has an automatic right to be a Director (or employee). Hold a vote of no confidence in his abilities to add value to the company and fire him as a Director - you can't take away his shares though, unless you can convince him to sell.

Your first and only duty is to the welfare of your company.

Hmm. Lovely concept, but when I put my address in, it says there are no results - mainly because it thinks my UK address is just between Tuvalu & Tokelau in the South Pacific (so technically, the results were correct - Papa John's are unlikely to deliver there).

This is meant in the best possible way: I hate you. My hate is constructed entirely of jealousy.