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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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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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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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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QUESTION: Acquisition of property by a fiduciary of his principal is governed by two rules..discuss INTRODUCTION “A fiduciary is a person holding the character of a trustee‚ or a character analogous to that of a trustee‚ in respect to the trust and confidence involved in it and the scrupulous good faith and cador which it requires” (blacklaws dictionary). Lord Millet in Bristol and West Building Society V Mothew1 stated that a fiduciary is someone who has undertaken to act
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the corrective augmentation surgery. • She sues Mr Williams in contract‚ property and breach of fiduciary duty. • She claims a contractual right to her medical records; that is‚ that Mr Williams owed a contractual duty to disclose. • She claims that the records were her property‚ not those of her doctor of the health service. • In equity‚ she argues that the doctor owes her a positive fiduciary duty to disclose to her details of her medical records (relying on McInerney v McDonald) • Strangely
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relationship is a consensual relationship between two parties‚ where one party‚ the principal‚ gives authority to another party‚ the agent‚ to act on behalf of and under the control of the principal to deal with a third party‚ thereby creating a fiduciary relationship. The law of agency allows one person to employ another to do his/her work‚ sell his/her goods‚ and acquire property on his/her own behalf. Although a principal-agent relationship can be created by a contract between the parties‚ a contract
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control. 3. A fiduciary is a person who occupies a position of trust in relation to someone else such that this person is required to act for the latter’s benefit within the scope of that relationship. Discuss what fiduciary relationships exist in BTI and between BTI and its stakeholders. Also address the relationship between BTI and Randy Burnham & Co. be sure to include an explanation of the specific relationship of trust. Carson and Boone establish a fiduciary relationship when Carson
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