What is the fiduciary duty of a director of a corporation to refrain from engaging in any transaction in which his private interest will conflict with the duty he owes the corporation's stockholders?
California, United States of America
The following excerpt is from Jones v. H.F. Ahmanson & Co., 76 Cal.Rptr. 293 (Cal. App. 1969):
Plaintiff seeks to apply certain other familiar rules of fiduciary duty; a corporation fiduciary must refrain from engaging in any transaction in which his private interest will conflict with the duty he owes the stockholders. (Wickersham v. Crittenden, 93 Cal. 17, 28 P. 788.)
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