3.4.2 Standards of a director’s conduct
S76 (3) codifies what are generally regarded as the most important common-law duties of directors. A director must be subject to s 76(4) and 76(5) when acting in that capacity and in the execution of the powers in order to perform the functions of a Director.
These functions must be:
a. In good faith and for a proper purpose;
b. In the best interest of the company;
c. With the degree of care, skill and diligence that may reasonably be expected from a Director.