Powers of managing director, Business Law and Ethics

Powers of Managing Director:

            Article 109 offers that "the directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit, and either collaterally with or to the exclusion of their own powers and may from time to time revoke, withdraw, alter or vary all or any of such powers".

The purport of this lengthy provision is not clear. However the phrase "either collaterally with or to the to the exclusion of their own powers" would have startling consequences if they were given their literal interpretation. That seems to be one of the reasons why they no longer appear in the current Table A of the English Companies Act 1989.

Posted Date: 1/12/2013 5:05:44 AM | Location : United States







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