h. Liabilities and Responsibilities

Rules on Fiduciaries’ Duties and Liabilities

Three-Fold Duties of Directors (Strategic Alliance Development Corporation v. Radstock Securities Limited and Philippine National Construction Corporation, G.R. No. 178158, 4 December 2009)¹

Duty of Obedience (Basis: Sec. 30², RA 11232; Strategic Alliance Development Corporation v. Radstock Securities Limited and Philippine National Construction Corporation, G.R. No. 178158, 4 December 2009)

To direct the affairs of the corporation only in accordance with the purposes for which it was organized

Duty of Loyalty (Basis: Secs. 30³ and 33, RA 11232)

Directors or trustees shall not acquire any personal or pecuniary interest in conflict with their duty as such directors or trustees.