Directors' Duties
Incorporation
The Role of
Directors:
Rights and duties of Directors:
- Daily operations and decision - making;
- Keep accounting books and business records;
- Management of bank accounts;
- Loans and Mortgage arrangement on behalf of a company;
- Formulation of profit share for the Company;
- Formulation of scheme regarding the amount of registered capital of a company;
- Call for meetings of shareholders and to implement the shareholders' resolutions;
- Seek for assistance from liquidator in cases of winding up.
Directors' Responsibilities:
- Acting in good faith;
- Acting for the best interests of the Company;
- Avoidance of conflict between the interests of a Company and the directors;
- No authority delegation and making independent judgments;
- Complying with the company 's articles of association and resolutions;
- Acting with due diligence, diligence and skills;
- Avoidance of fraudulent transactions.
Result of the failure of directors to perform their duties:
- Guilty of a criminal offense;
- Being held personally liable;
- Compensation for the company and relevant persons;
- Resignation.