Section 77
of International Business Companies Order, 2000
Section 77
(1)
In performing his functions, every director, officer, agent or liquidator of an
IBC shall act honestly and in good faith with a view to the best interests of the IBC and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
71
BLUV as at 20th June 2017
(2)
No provision in the Memorandum or Articles of an IBC or in any agreement entered into by the IBC relieves a director, officer, agent or liquidator of the IBC from the duty to act in accordance with the Memorandum and Articles or from any personal liability arising from the management of the business and affairs of the IBC.
Reliance on records and reports.