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Director |
1 : the head of an organized group or administrative unit or agency
2 : any of a group of persons usu. elected by shareholders and entrusted with the overall control of a corporation
Directors owe a fiduciary duty to the shareholders in the exercise of their powers. Directors have the power to appoint and dismiss officers, declare and pay dividends on stock, initiate major corporate actions such as mergers or dissolution, and determine other matters affecting the corporation.
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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intrinsic fraud
fraud (as by the use of false or forged documents, false claims, or perjured testimony) that deceives the trier of fact and results in a judgment in favor of the party perpetrating the fraud
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