Explain all the duties of directors in terms of law

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Reference no: EM133294899

Case Study:-Neo is a director of FirstInvest Bank Limited (FirstInvest). His wife is a partner in a furniture business, Chichi Chairs, that manufactures special wooden chairs.

The Head Office of FirstInvest is looking a little old and the interior is due for a revamp. Neo mentions this to his wife and suggests that Chichi Chairs submits a tender to supply the chairs for the Head office.

At the board meeting to discuss the new furniture, Chichi Chairs' tender is accepted and it is resolved to give Chichi Chairs, the contract to supply the chairs. There is no doubt that these beautiful chairs will improve the interior decoration of the Head Office.

When the directors of the bank discover that Neo's wife is a partner in the chair factory, they wish to take legal action against him for the profit that he made on the transaction.

Advise the bank of their prospects of success in their action against Neo to recover an.

Question:-In your answer, you must explain all the duties of directors in terms of South African company law.

Reference no: EM133294899

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