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
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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
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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
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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
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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
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ASSIGNMENT Directors of companies have an obligation to act in the best interests of the company. Elaborate on how the courts approach this duty and explain whether the corporation’s law in Australia has made this duty onerous. According to the common law, the duties of the directors are duty of care and the duty of loyalty. In the duty of loyalty, the directors should maintain the fiduciary relationship with the company in order to follow the fiduciary duties accompanied by them. The
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Healthway’s misuse of public funds, leading to the Corruption and Crime Commission delving deeper into the agencies affairs and increasing the spectre of charges against directors, board members and senior staff. Criminal Law Healthway’s directors, board members and senior staff members may face criminal charges for breaching their duties and codes of conduct, as the CCC’s investigation into the agencies affairs intensifies. Allegedly according to a Public Sector Commission report, Healthway grossly
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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
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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
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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
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