Section 47-22-71 - Circumstances under which ultra vires may be asserted--Actions by corporationagainst officers or directors.
47-22-71. Circumstances under which ultra vires may be asserted--Actions by corporation against officers or directors. Notwithstanding § 47-22-69, the fact that a corporation was without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the corporation, whether acting directly or through a receiver, trustee, or other legal representative, or through members in a representative suit, against the officers or directors of the corporation for exceeding their authority.
Source: SL 1965, ch 24, § 6 (2).