Ultra Vires

zyra m. plata · 1 Ultra Vires Thu Feb 13, 2014 5:05 pm

zyra m. plata

Arresto Mayor

Posts : 68
Join date : 23/08/2013
Age : 38
Location : Batangas, Philippines

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.

tsi ming choi · 2 Re: Ultra Vires Tue Feb 18, 2014 10:39 pm

tsi ming choi

Reclusion Perpetua

Posts : 760
Join date : 08/04/2011

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.

Ultra Vires

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

zyra m. plata

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

tsi ming choi