statutory duty |
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Definition
Obligation of a firm's directors or officers imposed by corporate legislation, such as (1) disclosure of personal-interest contracts, (2) filing of required information with the appropriate authorities, (3) keeping of statutory books, (4) exercise of due care and skill.
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statutory duty is in the Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
statutory duty appears in the definitions of the following terms: continuing disclosure and damages
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