Thursday, December 19, 2013

Company Law Llb Coursework

Facts : Ulrich , Emily and Nadine atomic number 18 directors of EnCom Ltd . Before its in spate , they previously realized as a partnership between Ulrich and Emily who are spliff managing partners . Nadine , on the other hand served as an employee of the partnershipLater on , their smart set was incorporated with all the three serving as directors . Ulrich and Emily were disposed(p) 49 share expectings each while Nadine received 2 shareholding . organism the attach to needed funds before it could start to interlace , Nadine entered into a loan agreement with the prohibitionk of Rutland to fund the nightclub p She sign(a) the loan agreement form For and on behalf of EnCom at long last , in that respect was disagreement between the directors and she was dismissed from her position . Nadine was afterwards sued b y the Bank of Rutland for defaulting in the payment of the loan she entered into For and on behalf of EnComNadine blames some(prenominal) Ulrich and Emily for the financial distress the company had suffered . She claimed that both Ulrich and Emily appointed their family members to attend in the conductning of the business organization despite their wishing of knowledge and expertness . There was also evidence that both Ulrich and Emily spent tangible amount of company funds on flowers , chocolates and other gifts for the staffIssues : What are the remedies available to Nadine as a shareowner of EnCom Ltd and whether Nadine is liable to the Ban of Rutland for the loan agreement he signed for and in behalf of the company The scorecard of DirectorsThe Board of Directors of a company are the decreed representative of the company and are vested with the business office to figure corporate powers , conduct all business and govern and hold all properties of the connection .
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Such issues include the hiring / emission of administrators dividend policies , options policies and executive compensationThe supreme authority insofar as the caution of the business regular and ordinary affairs of the corporation is vested with the Board of Directors . This is the candor in e actually company . In complement the larger the company , the less its shareholders have in the tie in of the company . Such as in this case where deuce of the directors own 98 of the shares of EnCom LtdThe shareholders of a corporation elect community who have been nominated to direct or manage the corporation as a board . In the past more than or less all states required that at least three directors run a corporation . The laws have changed . like a shot all companies must at least have whiz director and at least two in a public company . This is enshrined in Section 282 of the Companies typify 1985 . some anyone can be a director as there are very few statutory restrictionsPresently , the duties of a director are narrow down forth in the normal law rules and also in statutes such as the Companies Act of 1985 as amended by Companies Act of 1989 . Under these rules , the duties of a direct include : the vocation to act in impregnable faith to the best sideline of the...If you want to get a full essay, order it on our website: BestEssayCheap.com

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