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A Study of Director's

Duty and Liability in American

Corporation Law
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.li!.9-~~71'6~{t-~n~~.!fl~:§:], £).i~J[! ;A~{t-,1998, 649Tt!. 3) Henry W. Ballantine, Ballantine On Corporations, 119-21 (1946), note 40. 4) American Bar Association, Section of Corporation, Banking and Buisiness Law, Committee on Corporate Laws, Corporate Director's Guidebook, 33 Buisiness Lawyer 1595, 1603 (1978) 5) t4~;Q, .!fl9.J ~{t-, 648'i!. 6) l"!.~~~, pl~:§:]).}~"'J ol).}9} ol).}:§:]9.J Al.!floJl t!~ 5::.:il, 71'ilT~9.J ~~1I!~ "'JA~( I), pH ~ ~;Q€ .li!.9- ~~71'6~{t-~n~~.!fl~:s1(998), £).-l~J[! ;A~{t-, 60'i! zt"r 102) %~ 5 7) t:~i!}~~lo-j"r£ lll~~ ,p~ f.:il 'lltt. Del. Code Ann. tit.8, §141(c) %~. g_

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8) ~tm1E~/~EB~ft, r"Y=j '7.:r. 7~jfd:~J, f{ij~~t$lff~~, 1994, 32-331i'!. 9) Harry G. Henn & John R. Alexander, Laws of Corporations and Other Business Enterprises 562 (3rd ed. 1983) note 30, at 573. 10) _2_.AJ-2-, "7J~¥l-B-~ ~~~ :6H-71~~ ~iQoJ1 ~~ ~£.", r71'il~'?:FrJ' 20"l:! 1~, ~;;;71'il ~ ~~, 2006. 3, 151i'!. 11) Nothwood P. Beveridge, The Corporate Director's Duty of Care : Riddles Wisely Expoundedd,24 Suffolk University Law Review 923, 926-35(1990). 12) Donald E. Schwartz, In Praise of Derivative Suits : A Commentary on the Paper of Professors Fischel and Bradley, 71 Conell Law Review 322, 324(1986). 13) Alan R. Palmiter, Reshaping the Corporate Fiduciary Model : A Director's Duty of Independence, 67 ex. L Rev. 1351, 1358-1366(1989).

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Guidebook, 33 Buisiness

Lawyer 1595, 1603(1978).

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Stem,

The

General Standard

of Care Impose on Directors

under New

California Genera Law, 23 UCLA L. REV. 1269, 1278(1976). See Veasey/Seits, The Business judgment Rule in the Revised Model Act, 63 Texas I. Rev. 1985, Robert W. Hamilton, The Law of Corporations, 5th ed., West Group, 2000, Ryan Houseal, Beyond The Business judgment Rule Protecting Bidder Firm Shareholders 2003. john A. McMullen, Committees of the Board of Directors, 29 Bus. Law. 755, 770(1974) Aurell, The Corporate Executive Committee; A Dilemma for the Non-Member Director, 17 U. Fla L. Rev. 525, 536(1965) Geoffrey Morse, Charlesworth & Morse 1991, Melvin Aron 1993, Dennis J Block and Nancy E. Barton, The Business judgment Rule as Applied to Stockholder Proxy Derivative Suits under the Securities Exchange Act, 8 Sec. Reg. L. ]. 99, 101(1981). joel Seligman, Corporations: cases and materials, 167-168(1995). Eisenberg, The Divergence of Standard of Conduct and Standards of Review in Corporate Law, 62 Forham L. Rev. 437, Company Law, Sweet & Maxwell, from Value-reducing Acquisitions, University of Michigan journal of Law Reform, 37 U. Mich J.L. reform 193,

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Abstract
A Study of Director's Duty and Liability in American Corporation Law Ju, Gi-jong This study shows the rule and the precedent for the duties of directors under American of Corporation corporation. Law, It's and will be helpful for the directors' authority, healthy fiduciary management about

relationship (including duty of care and loyalty) and business judgement rule. To make a long story short, it is as follows. Duty of care is explained that directors similar circumstance must do their duty which an for one's ordinary, prudent and diligent person in a like director position do one's under with the level of care which is adequate position. According to the level of director's position, that of the duty should be different. The higher position the more responsibility. Inversely, the lower position the less responsibility. Besides, corporations duty of loyalty means that directors have to protect their profits and must not interfere with those of corporations and

shareholders. Because of the duty, they must not abuse their position to take individual profits at the expense of their corporations.
If they didn't

keep the two duties, in general, they have to assume the

responsibility of indemnity. Meanwhile, It is important law relieve directors from their responsibilities if they do their duties faithfully and reasonably. So, Korean Commercial Law should positively consider adopting the business judgement rule. It will help directors of Korea act according to their conviction. Accordingly, from now on, it is essential American precedents for the application of business judgement rule be studied and well organized.

* Keywords
duty of director, directors' authority, fiduciary relationship, duty of care, duty of loyalty, business judgement rule

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