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Author Question: Mr. Malik, an investment counsellor by training, sat on the board of directors of Talbot Enterprises ... (Read 41 times)

Chelseaamend

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on: Aug 7, 2021
Mr. Malik, an investment counsellor by training, sat on the board of directors of Talbot Enterprises Ltd., a broadly held corporation. During a meeting of the board, he advised the corporation to buy some condominiums given the present soft real estate market. Malik did not disclose that he owned shares in the corporation that owned the properties, nor did he disclose that he would be entitled to a commission for every unit he helped sell. When the question was put to the board, he voted in favour of it. Read each of the following statements separately, and indicate which is true.
◦ Malik has breached his fiduciary duty, but if the sale was fair, he need not give up his profits.
◦ Malik must account for any profit made because he failed to disclose his interest and voted on the question.
◦ A shareholder, learning of his actions, could proceed under the dissent procedure, which would cause the corporation to buy his shares at fair market value.
◦ Malik doesn't have to disclose his interest in the contract if he has signed an agreement with the other directors relieving them of their fiduciary duties.
◦ A director must disclose his interest in a contract before the board, but is not required to refrain from voting for it.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by Chelseaamend on Aug 7, 2021

GCabra

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Chelseaamend

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Reply 2 on: Aug 7, 2021
Wow, this really help

mochi09

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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