By Rosalind Nicholson ( January 4, 2019, 1:27 PM EST) -- Section 121 of the British Virgin Islands Business Companies Act requires that a director "exercise his powers as a director for a proper purpose ..." In this provision, the act has codified the "proper purpose test," the rule of equity which long predates the act, which requires that a fiduciary entrusted with a power must exercise that power only for the purpose for which it was conferred and not for any other purpose....
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