Powers of directors,

Definition of Powers of directors:

1. Directors of a firm are vested with certain powers by the corporate legislation and the firms articles of association. These generally include power to (1) act as the firms agents, (2) have full access to the firms accounts, (3) cause the firm to enter into valid contracts, (4) pledge the firms assets, (5) borrow and give security, and (6) determine terms and conditions under which the firms shares are issued, transferred, and forfeited.