Seattle C.E.O. Who Promised $70,000 Salaries Wins Suit Filed by Brother

Re:Seattle C.E.O. Who Promised $70,000 Salaries Wins Suit Fi... by azernik on Monday July 11, 2016 @03:27PM (#12073633)

This is not a disagreement between a law professor and a layman commenter; it is a disagreement between UK and Delaware law on corporations. You're making it sound like the former.

[ Parent | on HN ]

Re:Seattle C.E.O. Who Promised $70,000 Salaries Wins Suit Fi... by whack on Monday July 11, 2016 @06:10PM (#12075179)

The commenter was implying that what he said about the situation in UK, applies strongly to Delaware as well.

"Delaware's duties are similar, they give the directors huge latitude"

[ Parent | on HN ]

Re:Seattle C.E.O. Who Promised $70,000 Salaries Wins Suit Fi... by Marazan on Tuesday July 12, 2016 @03:05AM (#12077264)

_would be most likely to promote the success of the company for the benefit of its members as a whole,_

In the UK law is basically exactly the same as the Delaware law. As long as the directors are acting in good faith they can do pretty much what they like. It is up to the shareholders to show bad faith/gross negligence on behalf of the directors

[ Parent | on HN ]