Besides, directors are also treated as officers of the cpany for certain matters

matters and are bracketed with the manager, secretary, etc. for this purpose. As

‘officers in default’, they are liable to certain penalties for failure to comply with the provisions of the Act.

To sum up, we may quote Jessel, M.R., in Forest of Dean Coal Mining Co., Re (1878), who observed: Directors have sometimes been called as trustees

or commercial trustees, and sometimes they have been called managing partners; it does not matter much what you call them so long as you understand

what their real position is, which is that they are really commercial men managing a trading concern for the benefit of themselves and of all the

shareholders in it. They stand in a fiduciary position towards the company in respect of their powers and capital under their control.