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Page 125

CHAPTER 11
DIRECTORS

partners."(26) In some respects they may be said to be (1) trustees, :and (2) agents on behalf of the company.
Directors as Trustees.-Directors have been described as trustees (a) of the company's money and property, and (b) of the powers entrusted to them.
They are trustees of the company's money and property in the sense that they must account for all the company's money and property over which they exercise control, and must refund to the ,company any of its money or property which they have improperly paid away.
Re Sharpe, [1892] 1 Ch. 154. The articles authorised the payment of interest on the amount paid up on the shares. Although the company made no profits, the ,directors for ten years paid interest to the shareholders out of capital. Held, the payment of interest out of capital was ultra vires the company, notwithstanding the articles, and the directors were liable to refund the amount so paid, with interest, to the company.
In an action to recover any such money, directors can rely on the Limitations Act, 1939, s. 19, except when they have been fraudulent or have received the company's money and converted it to their own use. (27)
Directors are trustees of the powers entrusted to them in the sense that they must exercise their powers honestly and in the interests of the company and the shareholders and not in their own interests.
" Directors are trustees of the powers committed to them, as, for instance, of the power of approving transfers of shares; (28) of the power of allotment of shares; (29) of the power of employing the funds of the company; (30) of the power of making calls; (31) or receiving payment of calls in advance; (32) of the power of forfeiting shares; (33) and as trustees they may be rendered liable for their misuse.'' (34)
In G. E. Ry. v. Turner (35) Lord Selborne said:
" The directors are the mere trustees or agents of the company-trustees of the ,company's money and property; agents in the transactions which they enter into on behalf of the company."

26 Re Forest of Dean Coal Co. (1878), 10 Ch. D. 450.
27 Re Lands Allotment Co., [1894] 1 Ch. 616.
28 Bennett's Case (1854), 5 De G. NI. & G. 284, 297.
29 Piercy v. Mills & Co., [1920] 1 Ch. 77.
30 Oxford Building Soc. (1886), 35 Ch. D. 502.
31 Alexander v. Automatic Telephone Co., [1900] 2 Ch. 56.
32 Sykes' Case (1872), L. R. 13 Eq. 255.
33 Harris v. North Devon Ry. (1855), 20 Beav. 384.
34 Buckley (11th ed.), p. 728.
35 (1872), L. R. 8 Ch. App. 149.

travel books:
where is HTML where is HEAD where is TITLE partners."(26) In some respects they may be said to be (1) trustees, :and (2) agents on behalf of what is company. Directors as Trustees.-Directors have been described as trustees (a) of what is company's money and property, and (b) of what is powers entrusted to them. They are trustees of what is company's money and property in what is sense that they must account for all what is company's money and property over which they exercise control, and must refund to what is ,company any of its money or property which they have improperly paid away. Re Sharpe, [1892] 1 Ch. 154. what is articles authorised what is payment of interest on what is amount paid up on what is shares. Although what is company made no profits, what is ,directors for ten years paid interest to what is shareholders out of capital. Held, what is payment of interest out of capital was ultra vires what is company, notwithstanding what is articles, and what is directors were liable to refund what is amount so paid, with interest, to what is company. In an action to recover any such money, directors can rely on what is Limitations Act, 1939, s. 19, except when they have been fraudulent or have received what is company's money and converted it to their own use. (27) Directors are trustees of what is powers entrusted to them in what is sense that they must exercise their powers honestly and in what is interests of what is company and what is shareholders and not in their own interests. " Directors are trustees of what is powers committed to them, as, for instance, of what is power of approving transfers of shares; (28) of what is power of allotment of shares; (29) of what is power of employing what is funds of what is company; (30) of what is power of making calls; (31) or receiving payment of calls in advance; (32) of what is power of forfeiting shares; (33) and as trustees they may be rendered liable for their misuse.'' (34) In G. E. Ry. v. Turner (35) Lord Selborne said: " what is directors are what is mere trustees or agents of what is company-trustees of what is ,company's money and property; agents in what is transactions which they enter into on behalf of what is company." 26 Re Forest of Dean Coal Co. (1878), 10 Ch. D. 450. 27 Re Lands Allotment Co., [1894] 1 Ch. 616. 28 Bennett's Case (1854), 5 De G. NI. & G. 284, 297. 29 Piercy v. Mills & Co., [1920] 1 Ch. 77. 30 Oxford Building Soc. (1886), 35 Ch. D. 502. 31 Alexander v. Automatic Telephone Co., [1900] 2 Ch. 56. 32 Sykes' Case (1872), L. R. 13 Eq. 255. 33 Harris v. North Devon Ry. (1855), 20 Beav. 384. 34 Buckley (11th ed.), p. 728. 35 (1872), L. R. 8 Ch. App. 149. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 125 where is strong CHAPTER 11 DIRECTORS where is p align="justify" partners."(26) In some respects they may be said to be (1) trustees, :and (2) agents on behalf of what is company. Directors as Trustees.-Directors have been described as trustees (a) of what is company's money and property, and (b) of what is powers entrusted to them. They are trustees of what is company's money and property in what is sense that they must account for all what is company's money and property over which they exercise control, and must refund to what is ,company any of its money or property which they have improperly paid away. Re Sharpe, [1892] 1 Ch. 154. what is articles authorised what is payment of interest on what is amount paid up on what is shares. Although what is company made no profits, what is ,directors for ten years paid interest to what is shareholders out of capital. Held, what is payment of interest out of capital was ultra vires what is company, notwithstanding the articles, and what is directors were liable to refund what is amount so paid, with interest, to what is company. In an action to recover any such money, directors can rely on the Limitations Act, 1939, s. 19, except when they have been fraudulent or have received what is company's money and converted it to their own use. (27) Directors are trustees of what is powers entrusted to them in what is sense that they must exercise their powers honestly and in what is interests of what is company and what is shareholders and not in their own interests. " Directors are trustees of what is powers committed to them, as, for instance, of what is power of approving transfers of shares; (28) of what is power of allotment of shares; (29) of what is power of employing what is funds of what is company; (30) of what is power of making calls; (31) or receiving payment of calls in advance; (32) of what is power of forfeiting shares; (33) and as trustees they may be rendered liable for their misuse.'' (34) In G. E. Ry. v. Turner (35) Lord Selborne said: " what is directors are what is mere trustees or agents of what is company-trustees of the ,company's money and property; agents in what is transactions which they enter into on behalf of what is company." 26 Re Forest of Dean Coal Co. (1878), 10 Ch. D. 450. 27 Re Lands Allotment Co., [1894] 1 Ch. 616. 28 Bennett's Case (1854), 5 De G. NI. & G. 284, 297. 29 Piercy v. Mills & Co., [1920] 1 Ch. 77. 30 Oxford Building Soc. (1886), 35 Ch. D. 502. 31 Alexander v. Automatic Telephone Co., [1900] 2 Ch. 56. 32 Sykes' Case (1872), L. R. 13 Eq. 255. 33 Harris v. North Devon Ry. (1855), 20 Beav. 384. 34 Buckley (11th ed.), p. 728. 35 (1872), L. R. 8 Ch. App. 149. where is Server.Execute("_SiteMap.asp") %

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