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Page 129

CHAPTER 11
DIRECTORS

3. An authority given by the board should not be for signing numerous cheques to an aggregate amount, but for individual cheques, payee and amount being specified.
Liability for Acts of Co-Directors.-A director is not liable for the acts of his co-directors of which he has no knowledge and in which he has taken no part, (45) as his fellow directors are not his servants or agents to impose liability on him. (46) Moreover, if an ultra vires investment is made at a directors' meeting, a director who was not present at the meeting is not liable for the investment merely because he was present at a meeting at which the minutes of the meeting authorising the investment were confirmed. (47)
If a director is fraudulent, his co-directors are not liable for not discovering his fraud, in the absence of circumstances to arouse their suspicions.

Dovey v. Cory, [1901] A. C. 477. A bank sustained heavy losses by advances to customers made improperly. The irregular nature of the advances was concealed by means of fraudulent balance sheets, the work of the manager and the chairman. Hekl, a co-director was not liable for not having discovered the frauds, as he was not, in the absence of circumstances of suspicion, bound to examine entries in the company's books to see that the balance sheets were correct.

Non-attendance at board meetings does not impose liability on a director for the acts of the board. (48)
Contribution between Directors.-When directors have misapplied the company's funds, as by paying dividends out of capital or advancing money for an unauthorised purpose, there is a right on the part of the director who has been made liable for the misapplication to contribution from the other directors who have been parties to it. (49) If, however, the money misappropriated has been applied to the sole benefit of one of the directors, that director is not entitled to obtain contribution.(50)
Avoidance of Provisions Relieving from Liability.-Any provisions in the articles or in any contract for exempting a director, manager or other officer of the company from liability for negligence, breach of duty or breach of trust is void (s. 205).

45 Perry's Case (1876), 34 L. T. 716.
46 Cullerne v. London and Suburban Bdy. Socy. (1890), 25 Q. B. D. 485.
47 Re Lands Allotment Co., [1594] 1 Ch. 616.
48 Re Denham & Co. (1884), 25 Ch. D. 752.
49 Ramslcill v. Edwards (1885), 31 Ch. D. 100; see also Law Reform Married Women and Tortfeasors) Act, 1935, s. 6.
50 Walsh v. Bardsley (1931). 47 '1. L. R. 564.

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where is HTML where is HEAD where is TITLE 3. An authority given by what is board should not be for signing numerous cheques to an aggregate amount, but for individual cheques, payee and amount being specified. Liability for Acts of Co-Directors.-A director is not liable for what is acts of his co-directors of which he has no knowledge and in which he has taken no part, (45) as his fellow directors are not his servants or agents to impose liability on him. (46) Moreover, if an ultra vires investment is made at a directors' meeting, a director who was not present at what is meeting is not liable for what is investment merely because he was present at a meeting at which what is minutes of what is meeting authorising what is investment were confirmed. (47) If a director is fraudulent, his co-directors are not liable for not discovering his fraud, in what is absence of circumstances to arouse their suspicions. Dovey v. Cory, [1901] A. C. 477. A bank sustained heavy losses by advances to customers made improperly. what is irregular nature of what is advances was concealed by means of fraudulent balance sheets, what is work of what is manager and what is chairman. Hekl, a co-director was not liable for not having discovered what is frauds, as he was not, in what is absence of circumstances of suspicion, bound to examine entries in what is company's books to see that what is balance sheets were correct. Non-attendance at board meetings does not impose liability on a director for what is acts of what is board. (48) Contribution between Directors.-When directors have misapplied what is company's funds, as by paying dividends out of capital or advancing money for an unauthorised purpose, there is a right on what is part of what is director who has been made liable for what is misapplication to contribution from what is other directors who have been parties to it. (49) If, however, what is money misappropriated has been applied to what is sole benefit of one of what is directors, that director is not entitled to obtain contribution.(50) Avoidance of Provisions Relieving from Liability.-Any provisions in what is articles or in any contract for exempting a director, manager or other officer of what is company from liability for negligence, breach of duty or breach of trust is void (s. 205). 45 Perry's Case (1876), 34 L. T. 716. 46 Cullerne v. London and Suburban Bdy. Socy. (1890), 25 Q. B. D. 485. 47 Re Lands Allotment Co., [1594] 1 Ch. 616. 48 Re Denham & Co. (1884), 25 Ch. D. 752. 49 Ramslcill v. Edwards (1885), 31 Ch. D. 100; see also Law Reform Married Women and Tortfeasors) Act, 1935, s. 6. 50 Walsh v. Bardsley (1931). 47 '1. L. R. 564. 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 129 where is strong CHAPTER 11 DIRECTORS where is p align="justify" 3. An authority given by what is board should not be for signing numerous cheques to an aggregate amount, but for individual cheques, payee and amount being specified. Liability for Acts of Co-Directors.-A director is not liable for what is acts of his co-directors of which he has no knowledge and in which he has taken no part, (45) as his fellow directors are not his servants or agents to impose liability on him. (46) Moreover, if an ultra vires investment is made at a directors' meeting, a director who was not present at what is meeting is not liable for the investment merely because he was present at a meeting at which what is minutes of what is meeting authorising what is investment were confirmed. (47) If a director is fraudulent, his co-directors are not liable for not discovering his fraud, in what is absence of circumstances to arouse their suspicions. Dovey v. Cory, [1901] A. C. 477. A bank sustained heavy losses by advances to customers made improperly. what is irregular nature of what is advances was concealed by means of fraudulent balance sheets, what is work of what is manager and what is chairman. Hekl, a co-director was not liable for not having discovered what is frauds, as he was not, in what is absence of circumstances of suspicion, bound to examine entries in what is company's books to see that what is balance sheets were correct. Non-attendance at board meetings does not impose liability on a director for what is acts of what is board. (48) Contribution between Directors.-When directors have misapplied what is company's funds, as by paying dividends out of capital or advancing money for an unauthorised purpose, there is a right on what is part of what is director who has been made liable for what is misapplication to contribution from what is other directors who have been parties to it. (49) If, however, what is money misappropriated has been applied to what is sole benefit of one of what is directors, that director is not entitled to obtain contribution.(50) Avoidance of Provisions Relieving from Liability.-Any provisions in what is articles or in any contract for exempting a director, manager or other officer of what is company from liability for negligence, breach of duty or breach of trust is void (s. 205). 45 Perry's Case (1876), 34 L. T. 716. 46 Cullerne v. London and Suburban Bdy. Socy. (1890), 25 Q. B. D. 485. 47 Re Lands Allotment Co., [1594] 1 Ch. 616. 48 Re Denham & Co. (1884), 25 Ch. D. 752. 49 Ramslcill v. Edwards (1885), 31 Ch. D. 100; see also Law Reform Married Women and Tortfeasors) Act, 1935, s. 6. 50 Walsh v. Bardsley (1931). 47 '1. L. R. 564. where is Server.Execute("_SiteMap.asp") %

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