(i) Right to refuse to transfer shares.
(ii) Right to elect a Chairman.
(iii) Right to appoint a Managing director.
(iv) Right to recommend dividend.

Individual rights are such as
(i) Right to inspect books of accounts.
(ii) Right to receive notices of board meetings.
(iii) Right to participate in proceedings and cast votes in favour or against resolutions.
(iv) Right to receive circular resolutions proposed to be passed.
(v) Right to inspect minutes of board meetings.

The directors are personally liable to third parties of contracts in the following cases:
(i) They contract with outsiders in their personal capacity.
(ii) They contract as agents of an undisclosed principal.
(iii) They enter into a contract on behalf of a prospective company.
(iv) When the contract is ultra-vires the company.

The Governing body of a Company incorporated under the Companies Act called Board. It is a group of individuals called directors, elected to represent the views of shareholders of a public limited company and to manage the company affairs by establishing policies and implementing them to achieve the goal. In General, the Board is empowered to
(i) Set the Policies
(ii) Restructure the objectives
(iii) Evaluate the performance of Managing Director and Senior Executives
(iv) Exercise overall Direction
(v) Adopt by laws
(vi) Determine and pay the dividend
(vii) Issue additional shares.

Causal vacancy is a situation in which a seat in a delibrative assembly becomes vacant during that assembly's term, casual vacancies may arise through the death, resignation or disqualification of the sitting member or for other reason.

(i) An Executive Director can be either a whole-time Director of the Company or a Managing Director.
(ii) But a Non-Executive Director is a Director who is neither a Whole-time Director nor a Managing Director.