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Ultra Vires

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1 Ultra Vires on Thu Feb 13, 2014 5:05 pm

zyra m. plata


Arresto Mayor
Question po.
As general rule, a juridical entity such as corporation are not allowed to give natural person power over their property, is there any exception to this. Example, if the board resolution states that the BOD agreed to give SPA to a natural person, may the loan proceed?
Thanks and more power.

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2 Re: Ultra Vires on Tue Feb 18, 2014 10:39 pm

tsi ming choi


Reclusion Perpetua
Exception:

1. Incidental to the existence of the corporation.
2. Corporation is under receivership/conservatorship
3. After dissolution and with pending case, the corp's assets and properties may be left to their legal counsel.

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