statutory (adjective, stat-u-to-ry, /ˈstætʃətɔːri/) duty (noun, du-ty, /ˈduːt̬i/)
Definition: in the broadest sense, means the laws, according to which a company must operate. In business, statutory duty oftentimes signifies an obligation that is imposed on company’s directors by the corporate legislation. The statutory duty of a certain company may include the disclosure of personal contracts, providing the required and appropriate information to the authorities, keeping the statutory books, providing a safe working environment for the staff, and so on. When a company’s director or an official chief representative of the business fails to abide the imposed obligations, that person (or a company in general) can be found in breach of statutory duty.
In a Sentence:
- Since we have just started the company, the legislator hasn’t yet specified the rules and the demands for us to meet the statutory duty.
- This approach is the most favorable for us since it inflicts minimum statutory duty and allows us to be more flexible in terms of public relations.
- In our company, hiring people of all races and nationalities without giving the preference to a certain group of people is under the statutory duty.
Synonyms and related words: corporate legislation, statutory restriction, duty, statutory obligation, legal duty, corporate policy, breach of statutory duty
