BLAW20001 Lecture Notes - Lecture 4: Board Of Directors

• School: University of Melbourne
• Department: Business Law
• Course: BLAW20001
• Professor: All

Document Summary

Care and diligence - don"t be lazy s 180. Loyalty and good faith - don"t be evil s 181: general law origins. Gives company right to take action: statutory versions as well. Use cases to explain what the statute requires. Gives company and asic right to take action. Asic can seek criminal punishment too in some cases. General law (case law) duties: duties are owed by: In exceptional circumstances, a duty may be owed to an individual shareholder. Brunninghausen owed a duty to not put his own interests rst and tell glavanics: this a ects who can enforce the duty. Who owes the statutory duties: directors as de ned in the corporations act. This includes de facto and shadow directors: fiduciaries - senior executive o cers. A duciary is a person expected to act in the interest of another person. Company can also seek compensation: general law duties. Liquidator if company is being wound up.