division of powers
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FlashcardsDefinition: Refers to the allocation and distribution of authority and responsibilities between directors and shareholders within a company.
- Term: Division of Powers
- Term: Articles of Association
Definition: Previously used to outline directors' powers
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15 Terms
Definition: Refers to the allocation and distribution of authority and responsibilities between directors and shareholders within a company.
- Term: Division of Powers
- Term: Articles of Association
Definition: Previously used to outline directors' powers
- Term: Constitution
Definition: A document that outlines the powers and governance structure of a company
- Term: Management Power (Section 128)
Definition: Directors have primary responsibility for managing the company's business and affairs
- Term: Power to Bind the Company (Section 18)
Definition: Directors' actions bind the company in external dealings
- Term: Delegation of Powers (Section 130)
Definition: Directors can delegate most of their powers to committees
- Term: Management Review (Section 109)
Definition: Shareholders have the right to ask questions
- Term: Choice of Directors (Section 156)
Definition: Shareholders elect directors
- Term: Ratification of Director Actions (Section 177)
Definition: Shareholders can approve decisions made by directors
- Term: Appointment of Liquidator (Section 241)
Definition: In company liquidation
- Term: Major Transactions (Section 129)
Definition: Transactions exceeding half the company's asset value require shareholder approval through a special resolution (75% vote)
- Term: Calling Meetings (Section 121)
Definition: At least 5% of shareholders can requisition a meeting
- Term: Unanimous Assent (Section 107)
Definition: Shareholders can bypass certain procedures if all shareholders explicitly agree
- Term: Entrenched Provisions
Definition: Provisions in the constitution that cannot be changed
- Term: Key Considerations
Definition: Highlighting the balance between directorial management and shareholder control
Note 
Flashcards (243)