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Umy paternal side relatives had set up a school in a small town and made my father one of the board members as he had helped them on many occasions even though he was not involved in day to day operations of the school. Now, all these relatives are deceased and their heirs are handling the school administration and they have still kept my father as one of the board member as we are in good terms with them. In future, if they sell the school, will my father get any compensation? the board members are not paid any salary. But when they sell the school to a different party, is my father supposed to get anything as a board member? P.S. my father is curious about this.
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HIf your father doesn’t legally own a share in the school, then he likely won’t get anything from the sale. Being a board member doesn’t automatically mean he has ownership—it’s more of a decision-making role. Since he was never paid a salary and there’s no mention of him holding any stake, it sounds like his position was honorary.
To be sure, check if there are any legal documents that list him as a part-owner or shareholder. If not, the heirs running the school aren’t obligated to give him anything when they sell it.
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