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Law of Business organisation Assignment

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Added on  2019-10-31

Law of Business organisation Assignment

   Added on 2019-10-31

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Law of Business organisation Assignment_1
Directing Mind and WillA company is incorporated by its founders and lawfully it has a separate legal entity from its members. In the eyes of law, an organisation is artificial being and has certain rights are duties. According to Ferran (2011), the board of directors can be determined as corporation’s directing mind and will. The board of directors acquires their power from the agreement of agency between them and corporation. If a proper authority to take action for the interest of the organisation has delegated by directors to an employee, then such employee can be determined as mind and will. The authority or power delegated must be expressed or implied by the directors. The employee performing any work outside their power or authority shall beliable for such work personally.In the case of Aderemi v Lan and Baker Nigeria Ltd (2000)7 NWLR Pt. 663 at 51, the senior members who acquired their authority to act from the board of directors and performed some work for organisational benefits, determined as directing mind and will. In the recent case of Sugarloaf Hill Nominees Pty Ltd v Rewards Projects Ltd (2011) WASC, the investors’ assets lost in the project of an organisation, and they face significant monetary injury; the judgement of the court held key managerial personnel’s of the firm liable for financiers’ money (Wheelwright 2006).
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