The Ultra Vires Doctrines (Formation of Corporations 2 of 3)

It used to be necessary to spell out all the purposes for which a corporation could act. Doing so was an art, as failing to specify some purpose could result in a corporate action being "ultra vires," that is, beyond the powers of the corporation and therefore unlawful. Although this doctrine is not very important today--when most corporations specify "any lawful purpose" as their corporate purpose--it is still academically interesting.

UltraViresDoctrines