Ultra vires: Difference between revisions

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 {{a|g|[[File:Dramatic Chipmunk.png|center|frame|Did someone say ''[[ultra vires]]''???]]}}A [[Latinism]] meaning ''beyond its powers'', which crops up usually in the context of a [[corporation]] or governmental authority exceeding the powers and objects set out in its [[memorandum and articles of association]] or charter. Also of some relevance also to a [[Trust]].
-In that most valuable and intellectually rewarding pastime of checking a combatant's {{tag|capacity and authority}}, ultra vires is the principle concern should it not have the capacity to transact in your chose kind of {{tag|derivative}}. These days it is a rather old fashioned notion as far as a corporation goes — in most sensible jurisdicitons it has been partly or entirely ruled out by legislation, but it is liable to induce butterflies if one is dealing with a [[local authority]].
+In that most valuable and intellectually rewarding pastime of checking a prospective <strike>combatant</strike>counterparty’s {{tag|capacity and authority}}, [[ultra vires]] is your principle concern should it not, after all, have the capacity to transact in your chosen kind of {{tag|derivative}}.
-===Sovereign immunity and ultra vires: not the same===
+These days [[ultra vires]] is a rather old fashioned notion as far as an ordinary [[corporation]] goes — in most sensible jurisdictions, the vicissitudes of the [[ultra vires]] rule for innocent, publicly spirited bystanders (like [[swap]] [[dealer]]s), whose only concern is that an undertaking is prudently managing the financial exposures inherent in its business, have been largely obliterated by legislation, but it is still liable to induce butterflies in your team of legal eagles if you are dealing with a [[local authority]].
+===[[Sovereign immunity]] and [[ultra vires]]: not the same===
 {{Sovereign immunity and ultra vires}}
 ===Don’t mention===