Powers Of Directors

Directors of a firm are vested with certain powers by the corporate legislation and the firm’s articles of association. These generally include power to (1) act as the firm’s agents, (2) have full access to the firm’s accounts, (3) cause the firm to enter into valid contracts, (4) pledge the firm’s assets, (5) borrow and give security, and (6) determine terms and conditions under which the firm’s shares are issued, transferred, and forfeited.