I want to know who replaces him. ...
I also want to know what happens to the share holding he had? Does he have to forfeit some of these shares or forced to sell them? I would imagine they need to be available to a new board member.
Not sure as to the answer of some of your questions, but resigning from the board normally does not trigger a requirement to sell shares (not even sure if he held any shares anyway)
However, who would want to replace him?? Alty FC is on the way down..these things tend to be cyclical in life, but anybody smart in business knows that a down cycle can easily lead to insolvency. So who wants to risk being a director of a fairly high profile entity that goes bankrupt. I am not saying Alty will go bankrupt...its just a logical consequence of any business that is failing for whatever reason. Some survive, others don't. I think we will survive, even after relegation this season, but honestly I cannot be sure.
So then there are a few types of people who would volunteer for director. Maybe a representative of a major sponsor, who is fairly secure in their own career and don't care about the risk of a bankruptcy on their CV. Or a fan representative (can't see this happening, but who knows). Anybody with money to invest almost certainly won't do it unless they gain control. Or an idiot who does not understand risk. Or nobody at all.
Did I miss any options???