BLAW 308 Lecture Notes - Lecture 15: Ultra Vires, Intangible Asset
Document Summary
Registrar is hired to keep track of shareholders. Goal of for profit corporation is to make profit. Ultra vires means it is beyond the powers of a company. Cant give all your $ away to charity. For non profits: can"t sue if its not in your mission statement. Its literally beyond your power on the test. In a non for profit, the attorney general sues for them because they dont have shareholders. Board manages corporation but not the day to day operations. Sole authority to manage it, the ultimate entity for the management. They issue shares of stocks and sets the price. Fills vacancies on the board until the next shareholders meeting. Approving the sale of all or substantially all of the assets of a corporation. Requires all corporations to have an audit committee with an outside director(someone not employed by the company, so no ceo)
