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Towcester Racecourse v Racecourse Association [2003] 1 B.C.L.C. 260

By Oxbridge Law TeamUpdated 04/01/2024 07:05

Judgement for the case Towcester Racecourse v Racecourse Association

Table Of Contents

  • Claimant argued that it was implied term of articles of association that any inquiry into a member would be proper, efficacious and open to its members; and that therefore directors could be directly liable to shareholders for breach of this duty.

Held

  • Directors do not have direct contractual relationship with members of company.

  • Directors act on behalf of company, and not on behalf of shareholders, thus the only duties they owe are to company

  • Therefore directors cannot owe implied contractual duties to shareholders.

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Company Law Notes
805 total pages
1081 purchased

Company law notes fully updated for recent exams in the UK. These notes...