Smethurst bought the club out of insolvency in 2020 and installed former manager Robbie Savage, but has since diluted his shareholding.
Macclesfield’s statement, released on behalf of its board of directors, said: “Macclesfield FC are aware of reports circulating regarding the position of Robert Smethurst within the football club.
“In light of these, Mr Smethurst has temporarily been relieved of all duties associated with the club whilst legal guidance is sought.
“With this in mind, it would be improper to divulge any further information at this time.
“Whereas we can completely and unequivocally understand that these reports will be unsettling, the board of directors would like to assure everyone of their belief that they are wholeheartedly acting within the best interests of the club and in a bid to safeguard its continued success.
“We would politely ask everyone not to engage in speculation at this time, and further comment will be made as soon as we are able to.”