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Business Judgement Rule and Liability of Corporate Directors
Rejlek, Filip ; Eichlerová, Kateřina (referee) ; Štenglová, Ivanka (referee)
This work is dedicated to business judgement rule and related legal instruments and lability. It is divided into three main chapters. First chapter is focused to create a list of all duties and liability of board members of an corporation in American law system and to explain the basic principles of corporation companies. The whole system of connected doctrines and duties is based on one central, which is doctrine of business judgement. This doctrine is connected with the duty of care. Duty of care as a general rule means, that a director should acquire at least a rudimentary understanding of the business of the corporation. Accordingly, a director should become familiar with the fundamentals of the business in which the corporation is engaged. Because directors are bound to exercise ordinary care, they cannot set up as a defense lack of the knowledge needed to exercise the requisite degree of care. If one feels that he has not had sufficient business experience to qualify him to perform the duties of a director, he should either acquire the knowledge by inquiry, or refuse to act. But the duty of care is not standing alone. The business judgement doctrine means, that the directors and officers of a corporation are responsible for managing and directing the business and affairs of the corporation....
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Business Judgement Rule and Liability of Corporate Directors
Rejlek, Filip ; Eichlerová, Kateřina (referee) ; Štenglová, Ivanka (referee)
This work is dedicated to business judgement rule and related legal instruments and lability. It is divided into three main chapters. First chapter is focused to create a list of all duties and liability of board members of an corporation in American law system and to explain the basic principles of corporation companies. The whole system of connected doctrines and duties is based on one central, which is doctrine of business judgement. This doctrine is connected with the duty of care. Duty of care as a general rule means, that a director should acquire at least a rudimentary understanding of the business of the corporation. Accordingly, a director should become familiar with the fundamentals of the business in which the corporation is engaged. Because directors are bound to exercise ordinary care, they cannot set up as a defense lack of the knowledge needed to exercise the requisite degree of care. If one feels that he has not had sufficient business experience to qualify him to perform the duties of a director, he should either acquire the knowledge by inquiry, or refuse to act. But the duty of care is not standing alone. The business judgement doctrine means, that the directors and officers of a corporation are responsible for managing and directing the business and affairs of the corporation....
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Business Judgement Rule and Liability of Corporate Directors
Rejlek, Filip ; Eichlerová, Kateřina (referee) ; Štenglová, Ivanka (referee)
This work is dedicated to business judgement rule and related legal instruments and lability. It is divided into three main chapters. First chapter is focused to create a list of all duties and liability of board members of an corporation in American law system and to explain the basic principles of corporation companies. The whole system of connected doctrines and duties is based on one central, which is doctrine of business judgement. This doctrine is connected with the duty of care. Duty of care as a general rule means, that a director should acquire at least a rudimentary understanding of the business of the corporation. Accordingly, a director should become familiar with the fundamentals of the business in which the corporation is engaged. Because directors are bound to exercise ordinary care, they cannot set up as a defense lack of the knowledge needed to exercise the requisite degree of care. If one feels that he has not had sufficient business experience to qualify him to perform the duties of a director, he should either acquire the knowledge by inquiry, or refuse to act. But the duty of care is not standing alone. The business judgement doctrine means, that the directors and officers of a corporation are responsible for managing and directing the business and affairs of the corporation....
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