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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]]. | | {{a|latin|{{subtable|[[File:Dramatic Chipmunk.png|center|frameless]]<center>Did someone say ''[[ultra vires]]''???</center>}}}}{{ultravires capsule}} |
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| 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}}.
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| 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]].
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| ===[[Sovereign immunity]] and [[ultra vires]]: not the same=== | | ===[[Sovereign immunity]] and [[ultra vires]]: not the same=== |
| {{Sovereign immunity and ultra vires}} | | {{Sovereign immunity and ultra vires}} |
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| *[[indemnity]] | | *[[indemnity]] |
| *{{isdama}} | | *{{isdama}} |
| *{{tag|Latin}}
| | {{ref}} |