Directors Duty Obligations

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    Directors of a Company Are Under Statutory Obligation to Exercise Reasonable Duty of Care, Skill and Diligence at Work

    Duties of Director: The duties of directors of a company have been elaborately explained by Romer L. J in Re City Equitable Fire Insurance Co[1]. The important duties are quoted from this case and summarized below: 1. Distribution of work: The manner in which the work of a company is to be distributed between the board of directors and the staff is a business matter to be decided on business lines. 2. Good faith: Every director must act honestly and in the interest of the company. 3. Reasonable

    Words: 1062 - Pages: 5

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    Fiduciary

    Introduction The concept of fiduciary obligations or duty is one of the most important areas in Australian law. In this project, I will try to illustrate and explain the duties in three kinds of relationships including the relationship between a director and a company, the relationship between the promoters and the corporation and the relationship between business partners. In each relationship, what kinds of the fiduciary duties should be performed is elaborated in details. The aim of the project

    Words: 2683 - Pages: 11

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    Fiduciary Duties

    Title: Fiduciary obligations may spring up by reason of relationships of trust and confidence or confidential relations. Introduction Fiduciary is an important issue arises in business relationships, in partnerships, it helps create a fair business environment for all the parties when working together, in agency, it protects the principles' benefits, in corporations, it may lead the business operates properly and legally. Therefore, fiduciary obligations are closely related to co-operations Trust

    Words: 2685 - Pages: 11

  • Free Essay

    Fiduciary Duties

    given, it identifies fiduciary duties of directors as the main issue. There are a few consequences of breaching fiduciary duties. Under general law, a failure to disclose a conflict of interest rendered the transaction voidable at the option of the company. Aside from rescinding the contract, the company can seek to obtain a range of remedies such as an injunction to stop the breach of duty continuing, a constructive trust over assets acquired arising from the breach of duty, an account of profits to

    Words: 3556 - Pages: 15

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    Director’s Duties and Obligations

    IDIRECTOR’S DUTIES AND OBLIGATIONS Contents The Director’s are under the obligation to ensure the goods were insured in their duty to act with due care and diligence. 1 Area of Law 1 Principle of Law 1 Application of Law 4 Conclusion 4 The Company has been traded into insolvency. 4 Area of Law 4 Principle of Law 5 Application of Law 6 Conclusion 6 The Director’s Liability for insolvent Trading 7 Principle of Law 7 Application of Law 9 Conclusion 9 The Director’s are

    Words: 2871 - Pages: 12

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    Contract Obligations When Going Into Business with Partners

    Article of Association 4 2.3 Directors of Company 4-5 2.4 Secretary 5 2.5 Share Capital 5 2.6 Charges 5-6 2.7 Auditors 6 2.8 AGM or EGM 6 Section 3 Any Protection under Irish Company Law 6-7 Section 4 Conclusion` 7 Reference 8 Appendix Appendix A Company limited by share 9 Appendix B Duties of Shareholders 9 Appendix C Directors/Secretary/ Companies 9-10 Appendix D Directors Responsibilities 10-11 Appendix

    Words: 7036 - Pages: 29

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    Company as a Juristic Person: Kenya Perspective

    here is to separate the entity’s rights from the rights of those who owns it. In business law, entities such as cooperatives, limited liability corporations and companies are recognized as juristic persons. This means that they have rights and obligations separate from their owners or shareholders. This paper shall mainly

    Words: 3144 - Pages: 13

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    Company Law for Business 100

    doctrine of ultra vires means a company cannot enter into contracts beyond their power and then later avoid their legal obligations on the grounds that they had no legal capacity to enter into the contract. Lassie Ltd knowingly entered into the contract to purchase 300 cats per year, despite the constitutions object clause provision. When entering into a contract, it is not the outsider's duty to know a company's constitution, the outsider simply sees the company as a separate legal entity and will therefore

    Words: 2714 - Pages: 11

  • Free Essay

    Organisation

    Part A it will discuss the feature of a fiduciary relationship and disclosure some duties owned by company directors, such as the duty to act in good faith in the best interests of the company, the duty to avoid conflicts of the interest, the consequences of breaching a duty by directors and some defences for the company’s director. After that, in Part B the article will talk about some issues arise from the duties owned by partners in a partnership. In the following parts this essay will discuss

    Words: 2378 - Pages: 10

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    Assignment 3 Sample

    the loan, and the board accepts her recommendation. Bob’s airline falls into bankruptcy, Bob defaults on the loan, and the bank is only able to recover $150 million. The shareholders bring a derivative lawsuit against Joan for breach of her fiduciary duty of care. They claim that her research into Bob was deficient, and based on Bob’s background and the state of the airline industry Joan should have known that the venture was not likely to succeed. Is Joan’s conduct protected by the business judgment

    Words: 2199 - Pages: 9

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