INTRODUCTION
The separation of ownership from active directorship and management is an essential feature of the company form of organization. To manage the affairs of a company, shareholders elect their representatives in accordance with the laid down policy. These representatives are called the ‘directors’ of the company.
A number of such directors constitutes the ‘board of directors’ and that is the top administrative body of the corporation. The board may sometimes appoint an executive committee to carry on certain assigned functions under its direction. The board generally has only part-time directors.
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