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  /Title (company-law-director-s-duties.pdf)
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  /Author (daniya (daniya))
  /Subject (Company Law | Director's Duties Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Company Law | Director's Duties Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{daniya (daniya)} via \textcolor{DarkBackground}{\uline{cheatography.com/183845/cs/38297/}}}
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 27th April, 2023.\\
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{summary of facts}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- briefly state case facts} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- mention issues at hand} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{- topics to which question relates} \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{general introduction}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{following the shift of view by the Courts towards directors (Ds) come the 20th centuary, a stricter approach towards skill \& DoC was expected. Subsequenlty, scope of duties \& liabilities was clarified via case law based upon overriding policy objectives. However, due to their scattered nature, reference to such by D's proved increasingly difficult, resulting in the CLRSG recommending codification of common law so as to promote clarity \& increase ease of accessability. Consequently, these duties have been ratified under Part X of Company's Act, 2006 (CA 2006).} \tn 
% Row Count 12 (+ 12)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 170 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duties are owed by Ds (including {\emph{'shadow Ds'}}) to the 'company as a whole' ({\bf{Percival v. Wright}})} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} {\emph{thereby, in case of breach, proper claimaint would be the company itself ({\bf{Foss. Hartbottle}})}}} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{COMPANY AS A WHOLE}}} \tn 
% Row Count 7 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Greenhalgh}} - means corporation as a general body} \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{2nd Savoy Inv. Report}} - decision making to consider intrests of the company in the long term, including interests of fututre shareholders (SHs)} \tn 
% Row Count 12 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} *where takeover occurs,"future SH" interests irrelevant ({\bf{Coleman v. Myers}}) \& general duty primarily towards current SHs ({\bf{Peskin v. Anderson}})} \tn 
% Row Count 16 (+ 4)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duties' effect is cumilative in nature \& multiple may apply concurrently ({\bf{{\emph{s.179 CA, 2006}}}})} \tn 
% Row Count 18 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 171 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Ds to act within powers conferred through AoA for the purposes they were conferred for (proper purpose)} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{PURPOSES}}} \tn 
% Row Count 4 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Re Smith v. Fawcett}} - requirement of '{\emph{good faith}}' \& '{\emph{interest of the company}}' +  decision shouldn't result in acheiving some secondary purpose} \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- liability of Ds where action done in 'good faith' according to them but not carried out for proper purposes ({\bf{Ampol Petrol}})} \tn 
% Row Count 10 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Eclairs Group}} - seeking to control outcome of SH's decisions in gen. meeting via share allotment is not 'proper'} \tn 
% Row Count 13 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Bamford}} - where multiple puporses for exercise of power, principal purpose to be identified by Courts} \tn 
% Row Count 16 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Teck Corpn. v. Miller}} - share issuance for purposes other than capital raising is allowed (inconsistent with {\bf{Facwett}})} \tn 
% Row Count 19 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Scattergood}} - identified factors to determine 'improper use' of powers} \tn 
% Row Count 21 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. identify conferred power} \tn 
% Row Count 22 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. identify proper purpose of power} \tn 
% Row Count 23 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. idenity substantive (actual) purpose of power as exercised} \tn 
% Row Count 25 (+ 2)
% Row 11
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\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. was purpose of exercise proper?} \tn 
% Row Count 26 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Miller}} - onus on claimat to prove improper purpose({\bf{{\emph{Austranial Metropolitan Life Assurance}}}})} \tn 
% Row Count 28 (+ 2)
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 172 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty to {\emph{bona fide}} promote success of company for SH's benefit ({\bf{Percial v. Wright}})} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- {\bf{{\emph{Company Law Review}}}} - Ds to promote 'enlightened stakeholder value'} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{PDS v. Wide}} - SC Canada stated 'best intrests' of company encompass employees and other stakeholders} \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{DISCHARGING DUTY}}} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- by 'having regard' to factores enlisted {\bf{{\emph{s.172(1)}}}}} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. concequences of decisions long-term} \tn 
% Row Count 11 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. interests of stakeholders (CSR)} \tn 
% Row Count 12 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. need to act fairly b/w members} \tn 
% Row Count 13 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Fassihi}} - duty of Ds to inform SH of breach} \tn 
% Row Count 14 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Charterbridge v. Lloyd}} - test is qualified objective ({\bf{Regent Crest v. Cohen}} = subjective element of {\emph{D honestly believing his act/omission was in company's interests}})} \tn 
% Row Count 18 (+ 4)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} subjective element needed to ensure Ds don't become too risk averse just to save themselves from liability} \tn 
% Row Count 21 (+ 3)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{RELATING TO GROUP COMPANIES/ SUBSIDIARIES}}} \tn 
% Row Count 23 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Scattergood}} - where subsidarial realtions, D to act in interests of company they are poistioned in} \tn 
% Row Count 26 (+ 3)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} {\emph{though parent/subsidary may TANGENTIALY benefit}}} \tn 
% Row Count 28 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{INSOLVENCY {\emph{s.172(3)}}}}} \tn 
% Row Count 29 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- in event of finanical crisis (BUT insolvency not yet occured), greater weight placed on creditor interests ({\bf{W. Mercia Safteyware v. Dodd}}) ({\bf{BTI v. Sequana}})} \tn 
% Row Count 33 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 172 (CA, 2006) (cont)}}  \tn
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- insolvent risk must be 'probable', 'some risk' won't suffice ({\bf{BTI v. Sequana}})} \tn 
% Row Count 2 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-exclamation\}\}{\bf{orbiter}}\{\{fa-exclamation\}\}  {\emph{'sliding-scale' approach - as risk increases, interests slide towards creditors + breach can't be ratified by SH resolution}}} \tn 
% Row Count 6 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 173 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty of Ds to exercise independant judgement} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Boulting}} - to prevent Ds transferring their discretion to 3rd parties} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{HOWEVER,}} where such conferrence is establsihed to be {\emph{bona fide}} for the comapny's benefit, duty discharged} \tn 
% Row Count 6 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- if final judgement is exercised by D, duty discharged} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Madoff Securities v. Raven}} - D must be aware of company's affairs (even those delegated) -{}-{\bf{{\emph{duty to supervise}}}}} \tn 
% Row Count 11 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Fulham Football}} - exercising discretion which may restrict future discretion doesn't amount to breach} \tn 
% Row Count 14 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 174 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty ot exercise reasonable skill, care \& diligence} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\}  {\bf{HISTORY}}} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- 19th centuary courts had low standards of care for Ds as their role was more symbolic in nature} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Donaghue v. Stevenson}} - cases were now based on 'reasonable foresight', making Ds accountable under general DoC principles} \tn 
% Row Count 8 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{CURRENT LAW}}} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- qualified obejctive test i.e.; subjective \& objective elements} \tn 
% Row Count 11 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-times\}\} objective - Ds acts/omissions measured against conduct expected of a reaosnably diligent individual ({\bf{Gregson v. HAE Trustees}})} \tn 
% Row Count 14 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-times\}\} subjective - according to the special skills that D possesses} \tn 
% Row Count 16 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{DELEGATION OF POWERS}}} \tn 
% Row Count 17 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Re FInch}} - delegating powers doesn't relieve D from duty to supervise, should be aware of company's affairs} \tn 
% Row Count 20 (+ 3)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Re Barings}} - {\emph{guiding principle}} Ds to acquire \& maintain {\bf{sufficient knowledge}} of company's business} \tn 
% Row Count 23 (+ 3)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Raithata v. Baig}} - proper execution of delegated tasks can't be assumed by D} \tn 
% Row Count 25 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} decisions leading to loss for company cant automatically be presumed to breach {\bf{{\emph{s.172}}}} ('hindsight principles') - D's thought process to be considered} \tn 
% Row Count 29 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 175 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty to avoid conflict of interests} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- broad duty as not only actual but also possible conflicts are encompassesd} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Bray v. Ford}} - individual in a position of fiduciary duty can't place himself in position where his interests \&  duty are in conflict} \tn 
% Row Count 6 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Broadman v. Phipps}} - possibility of conflict must be real \& not 'theoretical'} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{CORPORATE OPPORTUNITIES}}} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- these opportunities are considered as assets of company, hence shouldn't be misappropriated ({\bf{Cook v. Deeks}})} \tn 
% Row Count 12 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- Ds shouldn;t be unjustly enriched} \tn 
% Row Count 13 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- extends to opportunities personally presented to Ds, outside their capacity as one({\bf{IDC v. Cooley}})} \tn 
% Row Count 16 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} {\emph{regardless of whether company could've taken advantage of  opportunity itself}}} \tn 
% Row Count 18 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Regal (Hastinga)}} - liability arises from mere fact of profit having} \tn 
% Row Count 20 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{O'Donnell v. Shanahan}} - doesn't matter is opportunity outside company's line of business} \tn 
% Row Count 22 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{POST-RESIGNATION BREACH}}} \tn 
% Row Count 23 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{-resignation in itself doesn't amount to breach but doesn't immunise D from potential breach either} \tn 
% Row Count 25 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Balston v. Headline Filters}} - intention to set competing business after resignition doesn't amount of breach} \tn 
% Row Count 28 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Tranez Anstalt v. Hayek}} - D can utilize confidential information \& know-how acquired while in business but not 'trade secerets'} \tn 
% Row Count 31 (+ 3)
\end{tabularx}
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\vfill
\columnbreak
\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 175 (CA, 2006) (cont)}}  \tn
% Row 15
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-exclamation\}\} 'trade secerets' \{\{fa-equals\}\} company database, customer lists, business strategies, supplier agreements ({\bf{Fassihi}}) ({\bf{QM v. Pyke}})} \tn 
% Row Count 4 (+ 4)
% Row 16
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Foster Bryant Servicing v. Bryant}} - criteria for breach \{\{fa-arrow-right\}\} relied upon judgement in {\bf{{\emph{CMS Dolphin v. Simonet}}}}} \tn 
% Row Count 7 (+ 3)
% Row 17
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{a) relevant connection b/w {\emph{mala fide}} intent of D's future exploitation of company's opportunity \&} \tn 
% Row Count 9 (+ 2)
% Row 18
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{b) resignation of D} \tn 
% Row Count 10 (+ 1)
% Row 19
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{{\emph{COMPETING DIRECTORSHIPS}}}}} \tn 
% Row Count 11 (+ 1)
% Row 20
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- {\emph{INITIALLY}}, it was hed that Ds could hold office in 2 competing businesses} \tn 
% Row Count 13 (+ 2)
% Row 21
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Bristol}} - 'double-employement' is a clear conflict of interest ({\bf{IPG v. Pyke}})} \tn 
% Row Count 15 (+ 2)
% Row 22
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{{\emph{ratification of breaches}}}}} \tn 
% Row Count 16 (+ 1)
% Row 23
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- can be approved by Board only, no need for SH approval} \tn 
% Row Count 18 (+ 2)
% Row 24
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} if private limited company (PLC) - can be done as per other D's discretion} \tn 
% Row Count 20 (+ 2)
% Row 25
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} if public limited (LTD) discretionary powers to be mentioned within AoA} \tn 
% Row Count 22 (+ 2)
% Row 26
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} breaching D cannot vote} \tn 
% Row Count 23 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 176 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty not to accept benefits from 3rd parties} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Novoship}} - only those benefits conferred to Ds b/c of the position they hold} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- if benefit cannot reasonaly be inferred to give rise to conflict of interest, no breach} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- D won't be liable for breach if SH authorize acceptance of benefit{\bf{{\emph{s.180}}}}} \tn 
% Row Count 7 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 177 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty to disclose Ds interests in a transaction of/by company} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- interests exist even where D himself doesn't directly accrue benefit (family/friends)} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- duty discharged where D merely informs/declares interest to Board before transaction is finalized} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Lee Lighting}} - informal disclosure will suffice} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{if Board is already aware or should reasonably  be aware, duty discharged} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{GDV v. Koshy}} - information of interest needs to be precise} \tn 
% Row Count 12 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- breach caries civil sanctions \& compliments criminal sanctions of s.182} \tn 
% Row Count 14 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{relief from liability}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{CONSENT/APPROVAL/AUTHORIZATION OR RATIFIATION BY MEMBERS}}} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{1. authorization- approval by SH {\emph{before}} action is undertaken via ordinary resolution} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} {\emph{BUT}}, full-disclosure to be given BEFORE voting transpires ({\bf{Cullen Investments v. Brown}})} \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{2. ratification - approval by SH {\emph{after}} action is undertaken via ordinary resolution} \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\} only effective if any Sh connected  to D or D (also an SH) can't vote ({\bf{{\emph{s.239(4) CA, 2006}}}})} \tn 
% Row Count 12 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{SUBSTANITAL PROPERTY TRANSACTIONS}}} \tn 
% Row Count 13 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- where D is buying/selling 'substanital' non-cash asset ({\bf{{\emph{s.190-196 CA, 2006}}}})} \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-asterisk\}\}  'substantial' = asset whose value exceeds £100,000/- or 10\% of company's net worth (whichever is lower)} \tn 
% Row Count 18 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- failure to attain approval will result  in transation being {\bf{{\emph{voidable}}}} at company's behest} \tn 
% Row Count 20 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Re Duckwari}} - D to compensate company for any losses incurred} \tn 
% Row Count 22 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{ac\}\} {\bf{THROUGH COURT ORDER}} ({\bf{{\emph{s.1157}}}})} \tn 
% Row Count 23 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- where negligence, default, breach of duty or trust occured {\bf{{\emph{BUT}}}} act carried out honestly and reasonably,} \tn 
% Row Count 26 (+ 3)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-caret-right\}\} D claimed against may apply to court for relief under this section} \tn 
% Row Count 28 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{fa-cart-right\}\} Court may excuse officer in part or wholly from liabilty \& withdraw case against him} \tn 
% Row Count 31 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{remedies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- enshrined in {\bf{{\emph{s.178 CA, 2006}}}} for civil breaches} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. compensation - where company suffers loss ({\bf{JSD v. Brown}})} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. restoration of company property ({\bf{JJ Harrison (Properties)}})} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. account of profits made b y D ({\bf{Regal (Hastings)}})} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. injunction or decleration ({\bf{CPE v. Bryant}})} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{\{\{counter\}\}. reccision of contract where D faild to disclose interest ({\bf{Transvaal Lands}})} \tn 
% Row Count 12 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{section 190 (CA, 2006)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{substanital property transactions of non-cash assets} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{for amounts exceeding £100,000/- made by D or someone connected to D, prior SH approval required} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- transaction could be by D for company or from company} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{- if no prior SH authorisation, contract VOID} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{- does not apply to services (such as loans taken by D for company \{\{fa-arrow-right\}\} these filed for breach u/s.177)} \tn 
% Row Count 10 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{breach u/s.177 = contract VOIDABLE at company's behest} \tn 
% Row Count 12 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}