Business, Legal & Accounting Glossary
Latin for “beyond powers.” It refers to conduct by a corporation or its officers that exceeds the powers granted by law.
Traditionally, the purpose of a corporation was closely spelt out in its articles of incorporation. If the corporation acted beyond its described purposes these actions were unenforceable against the corporation or by the corporation. However, most modern statutes allow corporate purposes to be any lawful activity.
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This glossary post was last updated: 22nd April, 2020 | 0 Views.