119 Director’s other statutory duties

Director’s other statutory duties

1. Directors must obtain the approval of shareholders for acquisition or disposal of property of substantial value as in Section 132C.

2. Directors must ensure that proper accounting records are kept and to lay accounts and reports before the company as in Section 167.

3. Directors have a duty to prevent insolvent trading as in Section 303(3).

4. Directors must bear the responsibility if fraudulent trading is proven as in Section 304(1).

5. Directors bear personal responsibility for fraud.

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