|
Authored by: Anonymous on Friday, October 26 2012 @ 02:20 PM EDT |
"Corporations are people, my friend!" - Mitt Romney [ Reply to This | Parent | # ]
|
|
Authored by: Wol on Saturday, October 27 2012 @ 07:22 AM EDT |
The Board of Directors of a UK company must contain a Company Secretary. Above a
certain size (£5M?) this person must be professionally qualified, as a
Secretary, Accountant or Lawyer - all three are qualifications in law.
And the Secretary is expected to enforce the law on the board, and take personal
responsibility for any law-breaking by the board. The law places on the
Secretary a stark choice - if you know the Board's actions are illegal you have
to stop them, or resign. Anything else will make you personally liable. And as a
person qualified in law, "should have known" is enough to trigger that
liability! Your only defence is to claim the other directors hid it from you
(which if proven, offloads your personal liability to them, if they hid it then
they obviously knew).
Obviously, resignation is a powerful weapon - if a board member walks it's big
news. If it's the Secretary ... WHY!
Cheers,
Wol
(who's mum is a qualified Secretary)[ Reply to This | Parent | # ]
|
|
|
|
|