https://www.taxtmi.com/caselaws?id=98433 Company articles vesting management in the board of directors prevent the general body of shareholders from directly directing or overriding board decisions unless the articles or Companies Act provide otherwise. A shareholder resolution purporting to write off debt does not bind directors exercising their management powers without a valid amendment to the articles. On this basis, enforcement of liability under a jointly executed promissory note remained within the board's authority, despite the shareholder resolution. The lower appellate decree dismissing the bank's recovery suit was set aside, and the trial court decree was restored with costs. en-us Mon, 03 Jul 1967 00:00:00 +0530 Fri, 20 Jan 2012 16:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98433 Company articles vesting management in the board of directors prevent the general body of shareholders from directly directing or overriding board decisions unless the articles or Companies Act provide otherwise. A shareholder resolution purporting to write off debt does not bind directors exercising their management powers without a valid amendment to the articles. On this basis, enforcement of liability under a jointly executed promissory note remained within the board's authority, despite the shareholder resolution. The lower appellate decree dismissing the bank's recovery suit was set aside, and the trial court decree was restored with costs. Case-Laws Companies Law Mon, 03 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98433