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Revised Model Act
A updated legal model or framework designed to guide the development of specific legislation or regulatory standards.
Incorporated
The process of legally declaring a corporate entity as separate from its owners, providing legal protections and allowing for the raising of capital.
De Facto Corporation
A corporation that operates in all respects as a corporation despite not having completed the formalities required for legal recognition.
Ultra Vires
Actions or activities conducted by a corporation or its officers that lie beyond the powers granted by its charter or the laws.
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