The general duties specified in sections 171 to 177 are owed by a director of a company to the company.
The general duties are based on certain common law rules and equitable principles as they apply in relation to directors and have effect in place of those rules and principles as regards the duties owed to a company by a director.
The general duties shall be interpreted and applied in the same way as common law rules or equitable principles, and regard shall be had to the corresponding common law rules and equitable principles in interpreting and applying the general duties.
The general duties apply to a shadow director of a company where and to the extent that they are capable of so applying.