The True Doctrine of Ultra Vires in the Law of Corporations; Being a Concise Presentation of the Doctrine in Its Application to the Powers and Liabilities of Private and Municipal Corporations

The True Doctrine of Ultra Vires in the Law of Corporations; Being a Concise Presentation of the Doctrine in Its Application to the Powers and Liabilities of Private and Municipal Corporations

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ...the act committed; for a ratification cannot arise from the action either of the ofiicers who did the unauthorized acts or of those who would have had no authority to do them.1 77. Nature and eject of ratification.---The general nature and effect of ratification is stated by Mr. Justice Field as follows: " The general rule as to the effect of a ratification by one of the unauthorized act of another respecting the property of the former is well settled. The ratification operates upon the act ratified precisely as though authority to do the act had been previously given, except where the rights of third parties have intervened between the act and the ratification. In other words, it is essential that the party ratifying should be able not merely to do the act ratified at the time the act was done, but also at the time the ratification was made." 2 Although this reasoning was adduced in discussing the law of agency, yet the same principle is involved in applying the doctrine of ratification by corporations to unauthorized acts of their oflicers or agents, such ratification being equivalent to antecedent authority.8 Accordingly, if a person assuming to act as agent of a corporation, but without legal authority, or an agent in excess of his proper authority, make a contract, and the corporation knowingly receive and retain the benefit of it, this will be ratification of the contract, and render the corporation liable as a party to it; provided, of course, such contract be within the scope of the corporate powers.' 1Taylor, Priv. Corp., 211; Tracy v. Guthrie County Agl. Soc., 47 Iowa, 127; Crnnis' Appeal, 66 Pa. St. 474; Beach on Priv. Corp., 196. 2Cook v. Tullis, 18 Wall. 332. 3Taylor, Priv. Corp., ...show more

Product details

  • Paperback | 132 pages
  • 189 x 246 x 7mm | 249g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236950267
  • 9781236950260