Specific Relief Act‚ 1963 * Quasi – trustee - Promoter is neither an agent(as principal not in existence) nor a trustee(trust not in existence) of the company but has certain fiduciary duties under Companies Act. He is a quasi – trustee of the company FIDUCIARY POSITION OF PROMOTER * Promoter stands in fiduciary relation to the company he promotes‚ as indicated below: 1. Not to make any profit at the expense of the company‚ directly or indirectly. If this rule is violated‚ company may
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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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‘The director of a company owes a fiduciary duty to the company’. Do you agree with this statement? Introduction A company is a distinct legal entity created by statute. Companies have many of the same legal rights and obligations as do individuals. They can own and sell property‚ they can hold profits or acquire debts‚ they can enter into contracts and sue or be sued‚ and governments can tax them. Companies are advantageous primarily because they become legal entities that are separate and
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May 8‚ 2012 Beneficence in Medical Ethics The principle of beneficence is found in the Hippocratic Oath‚ which provides that “physicians will apply dietetic measures for the benefit of the sick according to (their) ability and judgment; and to keep the sick from harm and injustice.” (Jonathan F. Will‚ 2011) Our textbook claims that the Hippocratic Oath expresses an obligation of nonmaleficence and an obligation of beneficence: “I will use treatment to help the sick according to my ability
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with is fiduciary duties. This is so as company directors are said to be in a fiduciary relationship with the company. When directors are in a fiduciary relationship with the company‚ they are prohibited from doing any acts deemed prejudicial to the company. In other words‚ by applying the judgment in Hospital Products Ltd v United States Surgical Corpn‚ directors cannot and should not use his position to receive personal gains. The traditional view is that the directors owed a fiduciary duty to
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Downsizing There is a well known issue in corporations when it comes down to downsizing. Corporate downsizing is that act of corporations cutting workers usually by closing whole plants or divisions to increase profits. This practice is often used today and is thought by some to be a moral practice to improve economy overall. On the other hand‚ some think that it causes the workers great suffrage from unemployment‚ which leads to loss of homes‚ depression‚ and crimes. Furthermore‚ it affects the
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Directors’ Fiduciary Duties: A New Analytical Framework ___________________________________ Ernest Lim* INTRODUCTION Prior to the enactment of the Companies Act 2006‚ the equitable principles on directors’ fiduciary duties of loyalty comprising the no-conflict and no-profit rules have been characterised in the form of either a strict or flexible approach.1 Simply put‚ under the strict approach2‚ absent the company’s informed consent‚ liability is automatically triggered if a director enters into
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Bezirdjian v. O’Reilly In Bezirdjian v. O’Reilly‚ the plaintiff (Bezirdjian) files a shareholder derivative complaint on behalf of Chevron Corporation citing that current and certain former member of Board of Directors (BOD) breached fiduciary duties‚ grossly managed the corporation‚ were involved in constructive fraud‚ and wasted corporate assets “in connection with illicit payments Chevron allegedly made to Saddam Hussein in exchange for Iraqi oil from 2000 to 2003.” Bezirdjian has a legal
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Discussion Case: The Gap Inc.’s Social Responsibility Report Do you think Gap has demonstrated global corporate citizenship‚ as defined in this chapter? Why or why not? The Gap showed global corporate citizenship as they develop a comprehensive monitoring software factory in the garment industry In its response to problems in its contractor factories‚ do you think Gap moved through the stages of corporate citizenship presented in this chapter? Why or why not? Gap move through the stages
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Chapter 7 The Gap Inc.’s Social Responsibility Reports 1) This chapter defined global corporate citizenship as putting an organizations commitment to social and environmental responsibility into practice worldwide. By this definition Gap has demonstrated global corporate citizenship since it has developed one of the most comprehensive factory-monitoring programs in the apparel industry in order to find and stop sweatshops‚ child labor and unsafe working conditions. The Gap has also pledged to
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