Shareholders Cannot Move an Injunction Against an Ultra Vires Act

question 33

True/False

Shareholders cannot move an injunction against an ultra vires act engaged by the corporation.

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Definitions:

Limitation

A restriction or boundary that defines the scope or extent of something.

Statute of Limitations

A law that sets the maximum period one can wait before filing a lawsuit, depending on the type of case.

UCC

A complete range of laws called the Uniform Commercial Code is designated to administer commercial activities in the United States.

Flexible Statute

A law designed to be adaptable and able to accommodate various situations as they arise.