https://www.taxtmi.com/caselaws?id=196286 A company's directors were discussed in relation to alleged misfeasance arising from a loan sanctioned to an insolvent borrower by a committee acting under delegated authority. The articles of association had authorised delegation of lending power to the committee, whose decision was later confirmed by the board, and Article 86 provided that directors or officers would not be liable for losses unless caused by their own wilful act or default. The text states that, on the facts, there was no evidence of wilful neglect, wilful default, or breach of trust, and that the statutory misfeasance provision did not displace the contractual immunity in the articles where it was not inconsistent with the statute. en-us Sat, 16 Jan 1926 00:00:00 +0530 Fri, 24 Nov 2017 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196286 A company's directors were discussed in relation to alleged misfeasance arising from a loan sanctioned to an insolvent borrower by a committee acting under delegated authority. The articles of association had authorised delegation of lending power to the committee, whose decision was later confirmed by the board, and Article 86 provided that directors or officers would not be liable for losses unless caused by their own wilful act or default. The text states that, on the facts, there was no evidence of wilful neglect, wilful default, or breach of trust, and that the statutory misfeasance provision did not displace the contractual immunity in the articles where it was not inconsistent with the statute. Case-Laws Indian Laws Sat, 16 Jan 1926 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196286