Directors’ rights, duties, and liabilities - статья по прочим предметам

 

Тезисы:

  • Action--where wrongdoing is revealed, a dir should object, correct, or resign.
  • Object to the course of conduct, steer toward correction, and resign if it isn’t corrected.
  • Defenses to liability--these include good faith reliance on management or expert’s reports.
  • Disabilities may be considered in determining whether the dir has met the standard of care.
  • (3) self-dealing prohibition also applies to intercorporate transactions where dirs are common.
  • [1] --interest is disclosed and approval is made without counting the vote of the interested dir.
  • Ordinary corporations--conflicts are inevitable but all firms need to set compensation.
  • The burden of proof is placed on challengers as a matter of convenience.
  • Some statutes also impose criminal liability on corporate managers for unlawful corporate actions.
  • The duty of care requires.
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