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The Board of Director's of ABC Corporation have three broad duties that stem from the fiduciary status of corporate directors. Those three duties are the
The Board of Director's of ABC Corporation have three broad duties that stem from the fiduciary status of corporate directors. Those three duties are the duties of obedience, loyalty, and care. The duty of obedience requires the director to:
- Ensure committing acts beyond the scope of the powers of ABC Corp. as defined by its charter or laws of the state of corporation.
- Avoid committing acts beyond the scope of the powers of ABC Corp. as defined by its charter or laws of the state of corporation.
- Avoid committing acts within the scope of the powers of ABC Corp. as defined by its charter or laws of the state of corporation.
- None of the above.
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