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DIRECTORS –APPOINTMENT,POWER AND LEGAL POSITION. DIRECTOR. A DIRECTOR IS A PERSON WHO IS RESPONSIBLE FOR DIRECTING OR CONTROLLING THE POLICY OR MANAGEMENT OF A COMPANY. BOARD OF DIRECTORS.

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DIRECTORS –APPOINTMENT,POWER AND LEGAL POSITION


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    Presentation Transcript
    1. DIRECTORS –APPOINTMENT,POWER AND LEGAL POSITION

    2. DIRECTOR • A DIRECTOR IS A PERSON WHO IS RESPONSIBLE FOR DIRECTING OR CONTROLLING THE POLICY OR MANAGEMENT OF A COMPANY.

    3. BOARD OF DIRECTORS • The ‘BOARD’ is the apex governing body of a company. A company board is its ‘brain’, all the companies actions are planned by its Board.

    4. Qualification of Directors • A director must acquire the qualification shares. • A director must give written consent. • Only individuals can be directors.

    5. Number of Directors • A public company shall have at least three directors. • Every other company shall have at least two directors.

    6. Appointment of Directors • By the Signatories of Memorandum of association • By the Shareholders in the General Meeting • Appointment by Board of Directors • Appointment by Proportional Representation • Appointment by Third Parties • Appointment by Central Government

    7. Legal Position of Directors • Directors as a Trustee • Directors as Agents of Company • Directors as a Managing Partner of the Company • Directors as an Officer of the Company • Directors as an Employee of the Company

    8. Vacation of Office by Directors • On not Taking Qualification Shares • On being Adjudged of Unsound Mind • On being Adjudged as Insolvent • On being Imprisoned • On Removal from Office • On becoming Disqualified

    9. Powers of Directors or Board of Directors General Powers • Inspect the books of account of the company • Issue notices of the company’s meetings • Receive his remuneration • Attend the meetings of the company’s Board of Directors Specific Powers • Issue debentures • Invest the funds of the company • Make loans on behalf of the company

    10. Duties of Directors • Inspecting the Prospectus • Signing the Prospectus • Presenting the Annual Statement • Holding the Statutory Meeting and Forwarding the Statutory Report • Convening of General Meeting • Declaring and Paying Dividend • Presenting the Annual Accounts • Sending Copies to Registrar

    11. Liabilities of Directors Liability Towards Company • Liability of Ultra- Vires Acts • Liability for Negligence • Liability for Fraud Liability Towards Outsiders • Liability for Ultra- Vires Acts • Liability as Agents • Liability in Relation to Allotment

    12. Thanks…