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Florida Statutes 607.0304 - Ultra vires

Florida Statutes > Chapter 607 > 607.0304


Current as of: 2012
   (1) Except as provided in subsection (2), the validity of corporate action, including, but not limited to, any conveyance, transfer, or encumbrance of real or personal property to or by a corporation, may not be challenged on the ground that the corporation lacks or lacked power to act.
   (2) A corporation's power to act may be challenged:
   (a) In a proceeding by a shareholder against the corporation to enjoin the act;
   (b) In a proceeding by the corporation, directly, derivatively, or through a receiver, trustee, or other legal representative, or through shareholders in a representative suit, against an incumbent or former officer, employee, or agent of the corporation; or
   (c) In a proceeding by the Attorney General, as provided in this act, to dissolve the corporation or in a proceeding by the Attorney General to enjoin the corporation from the transaction of unauthorized business.
   (3) In a shareholder's proceeding under paragraph (2)(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.
Florida Statutes 607.0303 - Emergency powersChapter 607 Table of ContentsFlorida Statutes 607.0401 - Corporate name

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See also:

Florida Statutes > Chapter 607 - Corporations

U.S. Code Provisions: Corporations

U.S. Code > Title 15 > Chapter 98 - Public Company Accounting Reform And Corporate Responsibility

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