In relation to company law: Describe the common law duties of a Promoter.
ANSWER
• Act bona fide for the benefit of the company information.
• Proper accounting.
• Disclose any personal interest.
• Determine and settle the name of the company.
• Prepare or cause preparation of the constitutive and other documents.
• Register or cause registration of the company.
• Secure the services of directors.
• Ensure that the company has an independent board of directors.
• Prepare the requisite prospectus if any.
• Acquire assets for use the company.
• Enter into business contracts on behalf of the company.
• Meet all the preliminary expenses of company formation.