Ultra Reprises

After deductions. ULTRA VIRES (Lat.) The modem technical designation, in the law of corporaof incorporation; as distinguished from acts which are authorized. It was early contended that a corporation could not exceed its powers; that the acts of its agents beyond the charter powers of the corporation were not the acts of the corporation; but it is now well settled that "corporations, like natural persons, have power and capacity to do wrong. They may, in their dealings and contracts, break over the liability imposed upon them by their charters, and when they do so, their exemption from liability cannot be claimed on the mere ground that they have no attributes or faculties which render it possible for them to thus act." 119 Ind. 324. The act need not necessarily be expressly prohibited by the charter or by statute. Nor need it be in any sense immoral or injurious to others. It may be an act which could be lawfully done by a natural personl It may be even praiseworthy, as in the case of a gift by a corporation for charitable or religious purpose. Yet, if it is not authorized by the charter of the corporation, or is not an implied or incidental power, it is ultra vires. 3 Fletcher Cyclopedia Corporations, 2571. There is much conflict in the cases as to the validity of an ultra vires contract. In some states, it is held that, if the corporation had no authority to make the contract, it is void, but if it was within the general scope of the corporate power, and the want of power in that case was because of particular facts, it is valid (43 Wis. 420; 8 Ohio 257); while in several states it is held that "the plea of ultra vires should not prevail, whether it is imposed for or against the corporation, when it would not advance justice, but, on the contrary, would accomplish a legal wrong (63 N. Y. 62; 151 111. 531).

After deduction of drawbacks; in excess of deductions or expenses.

Defined under Ultra in Black's Law Dictionary.