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Law - Chapter 8
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Vanessa Da Costa Gomes
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Cards (280)
According to the text, what determines if someone is considered a director under the Companies Act?
Occupying the
role
of
director
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How are directors typically appointed according to the articles of a company?
By
existing
directors
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What type of resolution is required for appointing directors of public companies?
Ordinary resolution
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What is a de facto director?
Someone
who
acts
as
a
director
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What powers does a de facto director have?
The same powers as
appointed director
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Who is considered a shadow director?
Someone whose directions
directors
act on
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Who is excluded from being a shadow director?
Professional advisor
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What is the role of an alternate director?
To attend and vote at
meetings
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Why might a director appoint an alternate director?
If they are unable to
attend
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What is the role of an executive director?
Performing a
specific
role
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What happens if an executive director ceases to be a director?
Their office will also
terminate
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What claim may an executive director still have if their office terminates?
Breach of any
service contract
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What is the primary role of a non-executive director?
Attends
board meetings
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How is the chairman of the board usually regarded?
As a
non-executive director
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What is the function of a managing director (MD)
?
Carrying out day-to-day management
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What is the minimum age requirement for a director?
Sixteen
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What is one reason a person must not be disqualified from acting as a director?
Company Directors Disqualification Act 1986
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How many directors must a public company have at least?
Two
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How many directors must every company have at least?
One
natural person
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According to Hashmi v Lorimer-Wing 2022, what do private companies with a sole director and model articles need to do?
Change
the
model
articles
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Why do private companies with a sole director and model articles need to change the model articles?
Allow for
board meetings
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What happens to a director's actions if their appointment is later found to be defective?
The actions are still
valid
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Within how many days should a change in directors be notified to the registrar?
14 days
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Where should any change in the directors of a company be recorded?
Company's
register
of directors
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What is the aim of the Economic Crime and Corporate Transparency Act 2023 regarding directors?
Prevent
fraudulent
appointments
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According to the text, what is being introduced under the Economic Crime and Corporate Transparency Act 2023?
Identity verification
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What does direct verification link a person to?
Official document
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What is one of the methods of identity verification for directors?
Direct verification
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What official documents can direct verification link a person to?
Drivers license
or
passport
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Who are Authorised Corporate Service Providers (ACSPs)?
Intermediaries who
verify
a person's identity
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What is the name of the other method of verification?
Indirect verification
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What is one way a director might leave office?
Death
of the director
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What is another way a director might leave office?
Winding up
of the company
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Name one way a director might leave office?
Removal
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What is another way a director might leave office?
Disqualification
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What is another way a director might leave office?
Resignation
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What is another way a director might leave office where required to do so by articles?
Prohibition
by law
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What is another way a director might leave office where required to do so by articles?
Bankruptcy
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What type of resolution is needed to remove a director from office?
Ordinary resolution
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What is another way a director might leave office where required to do so by articles?
Written medical opinion
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