10 Questions
What is the primary obligation of directors under fiduciary duties?
To act in the best interests of the company's shareholders
What is the expectation of directors when carrying out their duties and decision-making process?
To act with a certain degree of care, skill, and diligence
What is a consequence of directors failing to disclose conflicts of interest?
They are prohibited from participating in related decisions
What is an expectation of directors in terms of their dealings with the company?
They must act honestly and in good faith
What is a restriction on directors under fiduciary duties?
They are prohibited from using company information for personal gain
What is the minimum number of directors required for a Private Limited Company?
3
What is the primary reason for a director to disclose their personal interest in a matter?
To comply with regulatory requirements
What is the consequence if a director does not disclose their personal interest in a matter?
The court can declare the agreement valid
What is the primary responsibility of directors when handling financial statements and reporting?
All of the above
What is the maximum number of directors allowed for a Joint Venture company?
Unlimited
Test your understanding of the fiduciary duties of directors, including acting in the best interest of the company, exercising reasonable care and skill, and prioritizing company success over personal interests. Learn about the key responsibilities of directors and how they should make decisions.
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