If individuals within a company make use of resources that go beyond the scope of their legal purview, this can be called ultra vires Such actions may include appropriating company revenue or shares o[.]
If individuals within a company make use of resources that go beyond the scope of their legal purview, this can be called ultra vires Such actions may include appropriating company revenue or shares of the company that the individuals not have legal ownership of If a manager were to access the bank accounts of the company and use those assets for personal needs this would be classified as ultra vires acts If an accountant or another financial officer within a company transferred ownership of company shares they have rights to control, this also falls under ultra vires acts https://ipiclaw.vn/giao-dich-vuot-qua-tham-quyen-cua-nguoi-dai-dien-phap-luat-chodoanh-nghiep-co-bi-vo-hieu https://en.wikipedia.org/wiki/Ultra_vires https://en.wikipedia.org/wiki/Ultra_vires Ultra vires acts are any acts that lie beyond the authority of a corporation to perform Ultra vires acts fall outside the powers that are specifically listed in a corporate charter or law This can also refer to any action that is specifically prohibited by the corporate charter Ultra vires acts can also be defined as any excessive use of corporate power that has been granted These acts cannot be legally defended in court They will, in fact, leave the corporation vulnerable to lawsuits by employees or other parties Actions that breach the above directives can be classified as ultra vires For example, a company’s constitution might outline the procedure for appointing directors to its board If board members are added or removed without following those procedures, then those actions would be described as ultra vires