Some Important Responsibilities/Obligations of Directors:
- Does any director have a contract with the company? And does this give rise to any conflicts of interest between any director and the company?
- Are all registers kept and maintained up to date?
- General offences
Particulars of registered office to be kept current
Register of Directors to be kept current
Register of Charges to be kept current
Register of Loans/Guarantee/Security
Register of Contracts or Arrangements in which Directors have an interest
Board Meeting Minute Book
General ( Share Holders ) Meeting Minute Book
- Company name must be on business letterheads and other stationery
- Company name must be displayed outside registered office
- Insolvency offences – incurring debts when the company is unable to pay
- Are company assets properly secured from loss, etc
- Meeting Minute Book must be maintained
- Do the directors have directors and officers insurance (e.g. against personal tort liability?)
- Are key personnel: On service agreements?
- Have intellectual property rights been protected for the company?
- Meeting Minute Book