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Appendix: Statutory provisions

Published online by Cambridge University Press:  29 July 2009

Thomas Bachner
Thomas Bachner
Affiliation:
Universität Wien, Austria
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Summary

Companies Act 2006

Section 170. Scope and nature of general duties

  1. The general duties specified in sections 171 to 177 are owed by a director of a company to the company.

  2. A person who ceases to be a director continues to be subject …

  3. The general duties are based on certain common law rules and equitable principles as they apply in relation to directors and have effect in place of those rules and principles as regards the duties owed to a company by a director.

  4. The general duties shall be interpreted and applied in the same way as common law rules or equitable principles, and regard shall be had to the corresponding common law rules and equitable principles in interpreting and applying the general duties.

  5. The general duties apply to shadow directors where, and to the extent that, the corresponding common law rules or equitable principles so apply.

Section 171. Duty to act within powers

A director of a company must –

  1. act in accordance with the company's constitution, and

  2. only exercise powers for the purposes for which they are conferred.

Type
Chapter
Information
Creditor Protection in Private Companies
Anglo-German Perspectives for a European Legal Discourse
 , pp. 257 - 279
Publisher: Cambridge University Press
Print publication year: 2009

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