Maine § 13-C §304 Ultra vires

Maine Statutes

§ 13-C §304 — Ultra vires

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 3 PURPOSES AND POWERS

1.Corporate action not subject to challenge. Except as provided in subsection 2, the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act.

2.Corporate action subject to challenge. A corporation's power to act may be challenged:

3.Available remedies in proceeding by shareholder. In a shareholder's proceeding under subsection 2, paragraph A to enjoin an unauthorized corporate act, the court may enjoin or set aside the act, if equitable and if all affected persons are parties to the proceeding, and may award damages for loss, other than anticipated profits, suffered by the corporation or another party because of enjoining the unauthorized act.

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1.
Corporate action not subject to challenge.
Except as provided in subsection 2, the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act.
2.
Corporate action subject to challenge.
A corporation's power to act may be challenged:
3.
Available remedies in proceeding by shareholder.
In a shareholder's proceeding under subsection 2, paragraph A to enjoin an unauthorized corporate act, the court may enjoin or set aside the act, if equitable and if all affected persons are parties to the proceeding, and may award damages for loss, other than anticipated profits, suffered by the corporation or another party because of enjoining the unauthorized act.

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