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Write 7 pages with APA style on Business Organisation Law. Prior to coming into force of the Companies Act 2006 (CA 2006), common law decisions were mostly being applied to such cases. Each decision b
Write 7 pages with APA style on Business Organisation Law. Prior to coming into force of the Companies Act 2006 (CA 2006), common law decisions were mostly being applied to such cases. Each decision being unique to particular facts of the case, the duties of the directors have now been codified in the CA 2006. They, numbering seven, are briefly stated below.
1) Section 171: The directors must act within the confines of the company’s constitution and should exercise the powers only for specific acts for which they been given.
2) Instead of the earlier conception that they should act in good faith keeping in their view the interests of the company, they are now required to work to promote the company and such actions should be beneficial to the shareholders of the company as per section 172.
3) Section 173: They should judge independently without being influenced by others or extraneous circumstances. This is a new requirement that common law did not have thought they had the obligation under the common law not to abuse their discretion while taking decisions.
4) Section 174: Instead of displaying duty of care and skill under common law, they are now required to show reasonable care, skill, and diligence.
5) Section 175: They should refrain from indulging in acts that are in conflict of interest in the company. Earlier under common law, if they had acted in conflict of interest of the company but with the shareholders’ consent, they need not account for any secret profit made for themselves and the company also need not avoid the contract so made.
6) Section 176: They should not receive any benefits from third parties which duty was not there under common law earlier.
And 7) Section 177: They should declare to other directors of the company if a director has any personal interest in a proposed transaction with the company.
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