Under Cayman Islands law, directors and officers owe the following fiduciary duties:
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(i) |
duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole; |
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(ii) |
duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; |
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(iii) |
duty to not improperly fetter the exercise of future discretion; |
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(iv) |
duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly as between different sections of shareholders; |
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(v) |
duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and |
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(vi) |
duty to exercise independent judgment. |
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