Director liability for unlawful corporate acts: directors jointly and severally liable to compensate company for profits and losses. Directors who approve or vote for actions contravening the Act, other law, or the company's articles are jointly and severally liable to make good any ... Summary
Director liability for unlawful corporate acts: directors jointly and severally liable to compensate company for profits and losses.
Directors who approve or vote for actions contravening the Act, other law, or the company's articles are jointly and severally liable to make good any loss or damage to the producer company; additionally, the company may recover from such directors any profit made by the director from the contravention and any loss or damage suffered by the company, with this liability being in addition to other liabilities under law.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.