The Liabilities of a Company for the Acts of Its Directors

Description

– The Liabilities of a Company for the Acts of Its Directors –

Download The Liabilities of a Company for the Acts of Its Directors. Students who are writing their projects can get this material to aid their research work.

Abstract

A company can be described as a legal entity or body corporate, having perpetual succession and also a common seal as well as the ability to sue and be sued in its own corporate name suffice its state also that the company upon its incorporation can acquire property in its corporation name,

this corporate personality gives the company the status of a person, having all the qualities of a normal human being.

A company is by virtue of the celebrated case of Salmond v Salmond & co (1897) Ac zz an entity separate from its members having the capacity to own assets properties liabilities rights and obligations incidental to the activities of the company done giving it responsibilities for all its acts and not its members and or officers.

The effect of this is that the members or officers of the company are not in any way under any form of liability for the acts done in course of discharging their duties, but the company, a legal person.

Bears all such liability even though its activities are carried out by human beings whose acts are of paramount importance to the company, therefore it would not be out of place to state that the acts of directors as officers of the company are also accruable to the company.

Therefore, directors are agents of the company for the purposes of making the company vicariously liable for their acts and omissions while engaged in the business of the company. In that vein, the objectives of this research work is  to thoroughly ascertain the duties and responsibilities of the company director and to ascertain the circumstances.

Introduction

1.1 Background of the Study

A company, being a corporate entity, can sue and be sued in its corporate name. As a matter of law it has separate existence and identity from the brains and hands operating it to commercial functionality.

The law therefore draws a cleavage between the company as the artificial person and the natural person with life and limb who can operate it. This was clearly stated in the celebrated case of Salomon v Salomon & Co and Adeniji v the state.

This is because a company being artificial person can only act through its human agents and officers this position was adopted in Lenard’s carrying co v Asiatic petroleum co ltd by Lord Viscount Haldane in a passage quoted with approval by Aniogalu J.S.C in Trenco Nigeria Ltd  African Real Estate Ltd.

A corporation is an abstraction, it has no mind of its own any more than it has a body of its own, its active and directing will must consequently be sought in the person of somebody for some purposes maybe called an agent

but who is really’ the directing mind and will of the corporation, the very ego and center of the personality of the cooperation.

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