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Section 140 of The Companies Act No. 17 of 2015: Scope and nature of general duties

    

(1) The general duties specified in this Division are owed by a director of a company to the company.
(2) A person who ceases to be a director continues to be subject to—
(a) the duty in section 146 with respect to the exploitation of any property, information or opportunity of which the person became aware while a director; and
(b) the duty in section 147 with respect to things done or omitted by the person before ceasing to be a director,
and to that extent those duties apply to a former director as they do to a director.
(3) The general duties of directors are based on common law rules and equitable principles that apply in relation to directors and have effect in place of those rules and principles with respect to the duties owed to a company by a director.
(4) The general duties of directors are to be interpreted and applied in the same way as common law rules or equitable principles, and those interpreting and applying those rules and principles are required to have regard to the corresponding common law rules and equitable principles.

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Disclaimer: This document is not to be taken as legal advise.

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