Which of the following statements is TRUE about an ultra vires transaction? Group of answer choices Its effect has been reduced under the Companies Act since it is no longer deemed an invalid transaction. Under common law, the transaction could be ratified by the company. Members, debenture holders (or their trustees) of the company cannot take an action to restrain such transactions under the Companies Act. Under common law, it was a voidable transaction hence the company could decide whether to continue with the transaction or not.
Which of the following statements is TRUE about an ultra vires transaction? Group of answer choices Its effect has been reduced under the Companies Act since it is no longer deemed an invalid transaction. Under common law, the transaction could be ratified by the company. Members, debenture holders (or their trustees) of the company cannot take an action to restrain such transactions under the Companies Act. Under common law, it was a voidable transaction hence the company could decide whether to continue with the transaction or not.
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Question
Which of the following statements is TRUE about an ultra vires transaction?
Group of answer choices
Its effect has been reduced under the Companies Act since it is no longer deemed an invalid transaction.
Under common law, the transaction could be ratified by the company.
Members, debenture holders (or their trustees) of the company cannot take an action to restrain such transactions under the Companies Act.
Under common law, it was a voidable transaction hence the company could decide whether to continue with the transaction or not.
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