JSB171 Lecture Notes - Lecture 1: British Steel (1967–1999), Great Eastern Railway, Ultra Vires
Document Summary
Company has legal capacity of an individual: s124. Includes eg power to give guarantee & provide indemnity: brick & pipe. Powers of a body corporate, including power to (s124(1)) Breach does not affect validity of transaction: anz v qintex: cl doctrine of ultra vires (abolished) Not restricted by : company s best interests: s124(2) (a company"s legal capacity to do something is not affected by the fact that the company"s interests are not, or would not be, served) But remedies available to minority members faced with oppressive action: s232. Company & each member: s140(1)(a: constitution directs that disputes between coy & members to arbitration courts will enforce it as a contractual promise: hickman v kent or romney marsh sheep-breeders". Assn (1915: members can only enforce where provision affects them as members. Lwb334 corporate law: where provisions affect one member vis- -vis the other (eg right of pre-emption on transfer of shares)
