DIRECT. Straight forward; not collateral.
2.
The direct line of descents for example, is formed by a series of
degrees between persons who descend one from another. Civ. Code of Lo.
art. 886.
DIRECTION.
The order and government of an institution; the persons who compose the
board of directors are jointly called the direction. Direction, in
another sense, is nearly synonymous with instruction. (q. v.)
DIRECTION,
practice. That part of a bill in chancery which contains the address of
the bill to the court; this must of course, contain the appropriate and
technical description of the court.
DIRECTOR OF THE MINT.
An officer whose duties are prescribed by the Act of Congress of
January 18, 18 37, 4 Sharsw. Cont. of Story L. U. S. 2524, as follows:
The director shall have the control and management of the mint, the
superintendence of the officers and persons employed therein, and the
general regulation and supervision of the business of the several
branches. And in the month of January of every year he shall make report
to the president of the United States of the operation of the mint and
its branches for the year preceding. And also to the secretary of the
treasury, from time to time, as said secretary shall require, setting
forth all the operations of the mint subsequent to the last report made
upon the subject.
2.
The director is required to appoint, with the approbation of the
president, assistants to the assayer, melter and refiner, chief coiner
and engraver, and clerks to the director and treasurer, whenever, on
representation made by the director to the president, it shall be the
opinion of the president that such assistants or clerks are necessary.
And bonds may be required from such assistants and clerks in such sums
as the director shall determine, with the approbation of the secretary
of the treasury. The salary of the director of the mint, for his
services, including travelling expenses incurred in visiting the
different branches, and all other charges whatever, is three thousand
five hundred dollars. DIRECTORS. Persons appointed or elected according
to law, authorized to manage and direct the affairs of a corporation or
company. The whole of the directors collectively form, the board of
directors.
2. They are generally invested with certain powers by the acts of the legislature, to which they owe their existence.
3.
In modern corporations, created by statutes, it is generally
contemplated by the charter, that the business of the corporation shall
be transacted exclusively by the directors. 2 Caines' R. 381. And the
acts of such a board, evidenced by a legal vote, are as completely
binding upon the corporation, and as complete authority to their agents,
as the most solemn acts done under the corporate seal. 8 Wheat. R. 357,
8.
4.
To make a legal board of directors, they must meet at a time when, and a
place where, every other director has the opportunity of attending to
consult and be consuited with; and there must be a sufficient number
present to constitute a quorum. 3 L. R. 574; 13 L. R. 527; 6 L. R. 759.
See 11 Mass. 288; 5 Litt. R. 45; 12 S. & R. 256; 1 Pet. S. C. R. 46.
Vide Dane's Ab. h. t.
5.
Directors of a corporation are trustees, and as such are required to
use due diligence and attention to its concerns, and are bound to a
faithful discharge of the duty which the situation imposes. They are
liable to the stockhoders whenever there has been gross negligence or
fraud; but not for unintentional errors. 1 Edw. Ch. R. 513; 8 N. S. 80;
3. L. R. 576. See 4 Mann. & Gr. 552.
DIRECTORY. That which points out a thing or course of proceeding; for example, a directory law.
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