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Is a nominee liable?

Furthermore, due to the fact that it has been established that a nominee director does not differ in terms of duties and liabilities from any other company director. It means that like any director he can be found liable to compensate an outsider for harm suffered by the company. Duties and Liabilities of Nominee Directors in Cyprus revera.legal news-and-analytical-materials revera.legal news-and-analytical-materials

What is the nominee clause in an agreement?

The term Nominee when used with respect to the Depositary shall mean such nominee or nominees of the Depositary as it shall appoint from time to time to act on its behalf in connection with the performance of its duties and obligations under this Deposit Agreement.

How do you terminate a nominee agreement?

Term and termination This Agreement shall be in force until terminated by either Party, giving the other Party three months written notice. Nominee Agreement vff.no Bransjenormer Bransjeanbefalinger N vff.no Bransjenormer Bransjeanbefalinger N

What is the purpose of a nominee agreement?

This is a form of a nominee agreement used to document the relationship of a bare trustee all of which typically provide that the nominee has no ownership interests at all and is merely registered on title as a convenience to and as an agent for the true beneficial owner, which beneficial owner has exclusively Nominee Agreement - Practical Law Canada - thomsonreuters.com thomsonreuters.com

What are nominee arrangements?

A nominee agreement is an arrangement between two parties where one person consents to acting as a director, secretary or shareholder for a company which is owned by someone else.

Is a nominee agreement a trust?

The nominee trust is not a trust - it is an agency arrangement in which the trustees are agents for undisclosed principals.

What does a nominee agreement do?

A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope. A nominee may receive a payment for services or may agree to conduct the affairs of without charge.

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Fix issue in the Nominee Agreement