Assignment 3: Corporate Governance and Ethical Responsibility Research Paper. P223- Due Week 6 and worth 250 points Dr. DoRight has recently been hired as the President of the “Universal Human Care Hospital”‚ where he oversees all departments with over 5‚000 employees and over 20‚000 patients at the medical facility. He has been provided with a broad set of duties and oversight of numerous departments‚ including business development‚ customer services‚ human resources‚ legal‚ patient advocacy
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Conditional – ie gift of a house to A on condition that B live there rent free for life. Subject to charge – gift of house to P‚ subject to P paying £10‚000 to E. Also can make gift on trust ( eg transfer of property ‘to Terry on trust for Ben’. Terry = trustee; Ben = beneficiary. T = legal owner‚ B the equitable/beneficial owner. Note: not every express trust is created gratuitously – in the example‚ the settler may have been under a contractual obligation to create trust for Ben. When settler creates
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hours when the director is free from his or her fiduciary duties (Gwembe Valley Development Co. Ltd v Koshy [1998] 2 BCLC 613) Some people argue that that is inappropriate to apply the concept of a fiduciary‚ which is derived from the concept of trustee‚ to company directors. Trustees are supposed to be prudent‚ risk-averse people whose priority is to preserve the capital value of trust assets whereas company directors are supposed to be risk-taking entrepreneurs. 2.0 Duties of Directors to Employees
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to this Court failed. To be sure，a joint venture may be analysed as a partnership even though the parties called a joint venture that is why High Court analyzed these facts as a relationship dispute. This case referred to Birtchnell v. Equity Trustee‚ Executors‚ Agency. Co. Ltd (1929) HCA.24; (1929) 42 CLR 384 (p407-409) from which interpret the joint venture will be
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Relevant Basic Definitions Trust is defined as an equitable obligation‚ binding a trustee to deal with property over which he/she has control for the benefits of beneficiaries. A trustee could be a beneficiary as long as he/she is not the only one. Trustee is the person who is the legal owner and controller of the trust property. The trustee‚ who is usually appointed in the trust deed‚ manages the trust on behalf of the beneficiaries and is held accountable by being subject to fiduciary duties.
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Fiduciary Responsibility Shana Bates City University of Seattle Business Ethics Amy Thiele June 20‚ 2014 Introduction This paper discusses in detail the issue of fiduciary responsibility. A fiduciary relationship describes an association in which an individual is vested with the obligation of caring for another person’s rights or property. The fiduciary relationship is supposed to be a very special and confidential association where the fiduciary must be honor-bound to legally accomplish
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trust. To satisfy the first requirement‚ certainty of intention‚ James must have made it clear that he intended for it to be made a trust‚ rather than a gift‚ as shown in Jones v Lock. The words used in this instance‚ that Kath is mentioned as a trustee and that has absolute discretion when distributing the money‚ can be said to afford a clear intention to create a trust. To satisfy the second requirement‚ certainty of subject‚ it is broken into two limbs: it has to be clearly identified as being
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INTRODUCTION Case of Nocton V Lord Ashburton‚ House of Lords (1914) AC 932 It is an important English tort law case regarding professional negligence and conditions under which a person will be taken to have assumed responsibility for the welfare of another. MATERIAL FACTS In this case a solicitor‚ Mr. Nocton appealed after he was accused of fraud in the High Court. Mr. Nocton had advised his client Lord Ashburton‚ who is the respondent‚ to release part of his mortgage so that he could acquire
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Question 1 Issues: Whether EF ( Ever Fresh Sdn bhd ) could claim against Fruity? Laws & Applications; The term fiduciary does not have a precise definition. Fiduciary is a term that may cover a wide range of situations where a person is expected to act‚ not in their own self interest but having regards to another’s interest. Fruity as the managing director of Freshness Always Sdn Bhd (FA) has no fiduciary in relation with FA by telling Cellar that FA would not be interested because it only sells
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Charitable purpose trusts Advantages of the charitable purpose trust Certainty of Objects Courts are more relaxed in the approach for the need of there to be certainty of objects in a charitable trusts. While non-charitable trusts must have objects‚ which are certain‚ gifts made exclusively for charitable purposes are valid even though the exact purposes may not have been identified. Thus a gift to trustees ‘for charity’ will be valid. The Perpetuity Rule Charitable trusts are valid even though
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