Formation of a Company — Secretarial Practice STD 11 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsSecretarial PracticeFormation of a Company2 Marks
Question
Fiduciary duty
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Answer
It means that a person has to act in good faith and trust which is put upon him by another person. Eg. Promoters have fiduciary duties towards the company they are setting up. It means they have to act in a manner that protects and promotes the interest of the proposed company.
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