Article 52 - Duties of Directors
(1) A director of an Investment Club owes a duty to the Investment Club to comply with the following provisions of this Article and shall, unless his failure to comply with any such duty shall be approved or ratified by an Ordinary Resolution of the Investment Club, be liable to compensate the Investment Club for any loss suffered by the Investment Club and to account to the Investment Club for any profit, gain or benefit obtained by the director in consequence of any such failure.
(2) A director shall:
a. act honestly and in good faith with a view to the best interests of the Investment Club;
b. act in accordance with the articles of association of the Investment Club and decisions of the Investment Club taken in accordance with these Regulations and the articles of association and not delegate any of his powers or fail to exercise his independent judgement in relation to any exercise of his powers, except where authorised by these Regulations or the articles of association or any such decisions;
c. exercise the care, diligence and skill that a reasonably prudent person with the knowledge, skill and experience which may reasonably be expected of a director in his position and any additional knowledge, skill and experience which he has would exercise in comparable circumstances;
d. not use for his own or anyone else's benefit any property or information of the Investment Club or any opportunity of the Investment Club of which he becomes aware in the performance of his functions as a director; and
e. not accept any benefit from a third party which is conferred because of his position as a director or by reason of his doing or not doing anything as a director, unless the benefit is incidental to the proper performance of his functions as a director or there is no real possibility of the benefit resulting in a conflict of interest on the part of the director.
|Derived (as from 20th December 2016).|