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1、ACCOUNTINGANDTHENEWCORPORATELAWJoelSeligman[FNa1]WashingtonandLeeLawReviewSummer,1993AnnualReviewofSecuritiesandCommoditiesLaw1993AnnualSecuritiesLecture(Citeas:50Wash.&LeeL.Rev.943,*943)Iwanttotalktodayaboutlegaleducation.InparticularIwanttodiscusscertainwaysinwhichtheteachingofcorporatelaw
2、hasbecomelargelydated.ItisaconventionalideaincorporatelawtodaytoteachthatthestatelawapplicabletoinsidertradingwaslargelyafailureandhasbeengenerallydisplacedbysuchfederalsecuritieslawstaplesasRule10b-5,?16,andRule14e-3.[FN1]Similarly,mostcorporatelawtextsrecognizethatcertainofthemostfundament
3、alprinciplesofcorporatesuffrageemanatefromthefederalproxyrules,notstatecorporatelaw.[FN2]Thetypicaltext,however,tendstobecomereticentwhenexploringtheextenttowhichthefederalsecuritieslawshavealsobeguntodisplacestatecorporatelawfiduciarydutyconcepts.[FN3]Thisprocessofaugmentingordisplacingtrad
4、itionalstatecorporatelawismostadvancedinanareaIwanttodiscusstoday,thedutyofcare.Icallthisprocessthenewcorporatelaw.Incorporatelaw,thedutyofcareisthebasicnegligenceconcept.Inmostcorporatelawcasebooks,theconceptisrecognizedasimportant,butthekeylessonisthatplaintiffsveryrarelysucceedindutyofcar
5、eactions.Theratiotypicallygoessomethinglikethis:Directorsandofficers,accordingtoleadingcasessuchasFrancisv.UnitedJerseyBank,[FN4]must"dischargetheirdutiesingoodfaithandwiththatdegreeofdiligence,careandskillwhichordinarilyprudent[persons]wouldexerciseundersimilarcircumstances*944inlikepositio
6、ns."[FN5]When,say,adirectorfailstoacquirearudimentaryunderstandingofthebusinessofacorporation,ortokeepinformedofitsactivities,ortoadequatelymonitorcorporateaffairsandpolicies,andthisfailureistheproximatecauseof(or,atleastasubstantialfactorcontributingto)aloss,thedirectorcanbeheldliableforafa
7、iluretosuperviseacorporation.Typicallythislessonisembellishedbyobservingthatdirectorsnormallymayrelyonthereportsofofficers,committees,andoutsiderssuchasthecertifiedpublicaccountant,[FN6]andthat,inmanyinstances,adirectorcanbeheldliableforafailuretos
