Director - Law Dictionary Search Results
Home Dictionary Name: directorDirectors
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
Interested Director
Interested Director, a relationship of friendliness with the Directors who are interested in the contract or arrangement or even the mere fact of a lawyer-client relationship with such directors will not disqualify a person from acting as a Director on the ground of his being, under s. 300(1), an 'interested' Director, Needle Industries (India) Ltd. v. Needle Industries Newey (India) Holdings Ltd., AIR 1981 SC 1298: (1981) 3 SCC 33. [Companies Act, 1956, s. 300]...
Managing Director
Managing Director, in relation to a banking company, means a director who, by virtue of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (h)]...
Director General
Director General, S. 2(g) 'Director General' means the Director General appointed under sub-s. (1) of, s. 16 and includes any additional, joint, Deputy or Assistant Directors General appointed under that, section. [Competition Act, 2002 (12 of 2003), s. 2(9)]...
Joint Director
Joint Director, 'Joint Director' means a person appointed to be a Joint Director of Income Tax or an Additional Director of Income Tax under sub-s. (1) of s. 117. [Income-tax Act, 1961 (43 of 1961), s. 2(28D)]...
director
director 1 : the head of an organized group or administrative unit or agency 2 : any of a group of persons usually elected by shareholders and entrusted with the overall control of a corporation NOTE: Directors owe a fiduciary duty to the shareholders in the exercise of their powers. Directors have the power to appoint and dismiss officers, declare and pay dividends on stock, initiate major corporate actions such as mergers or dissolution, and determine other matters affecting the corporation. di·rec·tor·ship n ...
directorate
directorate 1 : a board of directors (as of a corporation) 2 : membership on a board of directors ...
interlocking directorate
interlocking directorate : a directorate linked with that of another corporation by interlocking directors ...
Director
Director, in relation to an institution, includes (1) any person who occupies the position of a director, by whatever name called; and (2) in the case of an institution established in a country or territory outside the United Kingdom, any person including a member of a managing board, who occupies a position appearing to the Bank of England to be analogous to that of a director of a company registered under the Companies Act, 1985 (UK) Halsbury's Laws of England 3(1), para 24, p. 21....
Quorum of two Directors
Quorum of two Directors, means a quorum of two directors who are competent to transact and vote on the business before the Board of Directors, Needle Industries (India) Ltd. v. Needle Industries Newey (India) Holdings Ltd., AIR 1981 SC 1298: (1981) 3 SCC 333: (1981) 3 SCR 698....
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