The liability protection provided to directors as a result of incorporation is referred to as the "corporate veil". However, there are exceptions to this general rule at Common law and under Statute law, which allow lifting the veil and making the directors liable for breach of their duties. For instance, there is a duty placed on directors by the Corporations Act 2001 to make sure their company does not trade while it is insolvent. A director has a duty to prevent the company from incurring a debt
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codes: the “Internal Code of Conduct” and the “Internal Guidelines for Responsible Practices”, which were approved by the Board of Directors of Inditex, S.A. in 2001 and 2006, respectively. The Code provides the action lines which must be followed by the Inditex Group (hereinafter, “Inditex” or the “Company”) and its employees in the performance of their professional duties. The goal of this Code consists of exacting an ethical and responsible professional conduct from Inditex and its entire workforce
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insider dealings 8 3.1 Types of Share Capital 8 3.2 Law regarding Issue of shares, class rights and dividends 8 3.3. Capital maintenance 9 3.4. Insider dealings 10 Task 4: Understanding about shareholders, directors, charges and insolvency 10 4.1-The Role and powers of the directors: 10 4.2-Different Types of Meetings: 11 4.3-Law on Minority Protection: 11 4.4-Rights of Stakeholders and Debenture Holders: 12 4.5-Liquidation: 12 Bibliography 13 Task 1: Understanding the nature of
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2013 Dr. DoRight has recently been hired as the President of the “Universal Human Care Hospital”, where he oversees all departments with over 5,000 employees and over 20,000 patients at the medical facility. He has been provided with a broad set of duties and oversight of numerous departments, including business development, customer services, human resources, legal, patient advocacy, to name a few. He has managers in each department that he supervises and who work with him to address the needs of
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Agency Codes: Exacting Duties and Responsibilities Leading To Exacting and Expanded Liabilities READ: In providing for a system of governance, a legal jurisdiction usually chooses between the principles-based approach where the code of corporate governance provides general principles (like the OECD Code), and the rule-based approach, where the duties and responsibilities are detailed out (perhaps like the Sarbanes-Oxley Act of United States). * Organization for Economic Co-operation and
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RECOGNITION IN ETHIOPIA Endalew Lijalem Enyew ♣ Abstract: Upon acquisition of legal personality a company enjoys certain attributes such as limited liability. While the separate legal personality of a company enables it to enjoy rights and assume obligations quite different from its members, the limited liability of shareholders refers to the fact that the company alone is liable for its debts. However, such privilege of limited liability may not always exist when the legal personality of a company
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role of a director of a company carries with it much legal responsibility This is the topic that will be discussed in this essay. It will begin with a definition of what a director is, followed by the relevant legislation. I will go on to discuss the different types of directors in a company followed by the main duties directors owe to a company. I have taken a look then at the powers directors have in a company and ended this topic with the personal and criminal accountability directors may experience
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OIL AND GAS, LTD. CODE OF ETHICS OF DIRECTORS AND OFFICERS This Code of Ethics (this “Code”) shall apply to all directors and officers, or persons performing similar functions, (collectively, the “Covered Persons”) of Legend Oil and Gas, Ltd. (the “Company”). Covered Persons have an obligation to the Company, its investors and the investment community in general to maintain the highest standards of honest and ethical conduct. In recognition of this obligation, the Covered Persons have adopted the
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the corporation is governed. The principal players are the shareholders, management and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large. Corporate governance is a multi-faceted subject. An important theme of corporate governance deals with issues of accountability and fiduciary duty, essentially advocating the implementation of policies and mechanisms to ensure good behavior and protect
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accounts and the company’s accounting and other records relating to accounts in general meeting. An auditor has the obligation under law to perform his duties with the skill and care required under certain circumstances. The auditors always owes of care to the client. The client has the right to bring legal action against the auditor either for breach of contract or negligence if the duty of care is not exercised. In this case, the junior team member has exercised due care when discovering the major
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