Prohibited Activities of Corporate Officers and Directors – Broward and Palm Beach County, Florida Corporate Misconduct Litigation and Arbitration Attorney:
It is a cardinal principle, in Florida, that an officer or director of a corporation will not be permitted to make profit out of his official position and because of their fiduciary character, officers and directors will not be permitted to acquire for their own advantage interests adverse or antagonistic to the corporation. While it is true that corporate officers or directors are not precluded, because of the fiduciary nature of their position, from entering into and engaging in another similar enterprise separate from the corporation, they must refrain from interfering with the business of the corporation and they must act in good faith.
Examples of such activity include: