atticus wrote:1. As regards 3rd prties, contracts signed by 2 directors of a company are binding and enforceable.
atticus wrote:2. Within the company the question may arise whether the debt is ultra vires or of breaches of fiduciary duties.
atticus wrote:3. Questions may also arise of possible breaches of directors' employment contracts or shareholders agreements.
atticus wrote:4. Shareholders may ratify directors' actions. Do the numbers stack up that way?
if the shareholders agreed that the directors only had an authority up to say £5000 and the board up to £25000 before seeking shareholder approval, would this mean the directors acted ultra vires?
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