WebView the full answer. Transcribed image text: 1. "A promoter is neither a trustee nor an agent of the company he promotes but he stands in a fiduciary position towards a company and the original allottees of shares”. Comment on the statement. A, B and C, three friends purchased a property. Later they promoted a company and sold this property ... WebFiduciary position of a promoter The position of promoters vis-à-vis the company which they are promoting is not that of trustees to a cestui que trust, but they are in a fiduciary position towards the company*.Consequently, where the promoters of a company sell property to the company the burden is on them of showing that they have not taken any …
Promoter PDF Law Of Agency Fiduciary - Scribd
Webrelationship. He is expected to act in good faith, and if he fails to do so, the promoter is liable. In Erlanger v New Sambrero Phosphate Co.9 the court held that a promoter “stands undoubtedly in a fiduciary position".10 They have in their hands the creation and molding of the company. they have the Webdefines the term 'Promoter’, it means-. “Person who has control over the affairs of the company, directly or. indirectly whether as a shareholder, director or otherwise”. f Rights of Promoters. The promoters being in a fiduciary relation with the company. they form, have certain rights and liabilities vis-a-vis the. short stories for children videos
Fiduciary position Definition Law Insider
WebErlanger v New Sombrero Phosphate Co. Held: promoters stand in a fiduciary position. They have the power of defining how, when, in what shape, and under what supervision it shall start into existence and begin to act as a trading corp. Disclose to independency BOD. Fact: company has 5 directors, 2 were overseas, 2 were involve in the sale of ... WebOct 19, 2024 · What is the legal position of a promoter? Promoter has a fiduciary relationship with the company which is based on trust and confidence. Therefore, a … WebANSWER 1. Promoter has a legal position with respect to company which says that promoter is neither a trustee nor an agent of the company but has a fiduciary … short stories for children 3-5