Essay
Answer the following:
a. What powers does a corporation normally possess?
b. What is the doctrine of ultra vires? What is the effect of an ultra vires contract?
A corporation possesses only the powers that the state confers on it. Typical general powers granted by incorporation statutes include the following: (1) perpetual succession; (2) to sue and be sued in its corporate name; (3) to have a corporate seal; (4) to make and amend bylaws; (5) to acquire and dispose of property; (6) to own, vote, and dispose of shares in other entities; (7) to make
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