Officers in Default

Part 5 – Duties of Directors and Other Officers Re-enactment of Section 383 of the 1963 Act Sections 270 and 271 re-enact, in a slightly expanded form, Section 383 of the 1963 Act. The word “default” includes a refusal to do a thing or a contravention of a provision. There is a rebuttable presumption that…...

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Introduction (Duties of Directors & Other Officers)

Part 5 – Duties of Directors and Other Officers The most important new features are as follows: The term “de facto director” is given a statutory definition for the first time. The definition of “de facto” director (Section 222) goes beyond the jurisprudence as expressed in Re Lynrowan and states that a person who is…...

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Loans Etc. Between Directors and Company

Part 5 – Duties of Directors and Other Officers Two new rebuttable presumption provisions There is a rebuttable presumption that loans to directors by the company, the terms of which are not in writing, are repayable on demand. This is new. The rule includes quasi-loans. (Section 236). The opposite of this is true. If a…...

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