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Ultra vires is a Latin term made up of two words “ultra” which means beyond and “vires” meaning power or authority. So we can say that anything which is beyond the authority or power is called ultra-vires. Ultra vires contract is the void ab initio which implies that it cannot be provided with a legal status even by ratification or estoppel. The Doctrine of Ultra Vires is introduced to safeguard the creditors and investors of the company. The doctrine of Ultra vires prevents the company from using the money of the investors other than those mentioned in the object clause of the memorandum. Hence, both the investors and company must be assured that their investment will not be used for the objects or activities which they did not have specified at the time of investing money in the company.
Which Section of Indian Evidence Act is founded on the doctrine laid down in “Pickard v Sears”?
Where debentures are issued by a company, the company shall create a debenture redemption reserve account_______________
According to Section 2(g) of the Code of Civil Procedure, 1908 'judgment' means _______.
Section 9 of the Specific Relief Act provides that in a suit for specific performance of a contract _____________________
When is a gang rape said to have been committed?
As per section 76 of the Information Technology Act, 2000 any computer, computer system, floppies, compact disks, tape drives or any other accessories r...
As per the Contract Act what is the liability of person to whom money is paid, or thing delivered, by mistake or under coercion?
An LLP shall ensure that all official correspondences take place:
No dividend shall be declared or paid by a company for any financial year except________________
According to Section 71 of The Indian Evidence Act, 1872, if the attesting witness denies or does not recollect the execution of the document, its exec...
