corporate purposes

corporate purposes
The purposes for which corporations may be organized, as declared by statute, it now being usual for the general corporation laws of a state to provide for the formation of corporations for any lawful purpose, business purpose or purposes, other than the practice of a profession or the conducting of specified classes of business for the conduct of which corporations are to be formed under other statutory provisions. Uniform Business Corporation Act § 2; 18 Am J2d Corp § 31. The word "unlawful", as it pertains to purposes for which a corporation may be organized, is not used exclusively in the sense of malum in se or malum prohibitum; it is also used to designate powers which corporations are not authorized to exercise, or contracts which they are not authorized to make, or acts which they are not authorized to do; or in other words, such acts, powers, and contracts as are ultra vires. People ex rel. Peabody v Chicago Gas Trust Co. 130 Ill 268, 22 NE 798. See ultra vires.

Ballentine's law dictionary. . 1998.

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