Duties of a members of an (elected) bodies of controlled and influenced business corporations during the conflicts of interests
2016
Abstract
The paper deals with the duties of a members of an elected bodies of controlled and influenced business corporations during the conflict of interests, especially with the duty of notification. The author describes in details the particular interpretative possibilities of the provision of Section 76 (1) in relation to the provisions of Sections 54 to 56 of the Business Corporations Act.
Besides others, the author comes to a conclusion, that more appropriate legislative solution would be an explicit duty of notification imposed upon the members of elected bodies in cases, when such influence that can lead to a damage caused to a business corporation is being exercised by the influential or controlling entity.