[WhatsName]

I think you are better off listening to lawyers instead of taking advice from strangers.

That being said that fact that there is no shareholder agreement might work in you favour here, since you can walk away and keep your 49% shares. Usually there are provisions that would prevent large stakes if an individual leaves the company early (vesting schedule/cliff).

[justincormack]

But the company has no assets, and this would leave the CEO in an unsustainable position. In that position they should shut the company down and continue with a new one.

[physicsguy]

No reputation, no grants, etc, would be back to square one for the CEO