Mont. Code Ann. § 35-2-132
This is the official text of Mont. Code Ann. § 35-2-132, part of Montana’s Code Ann — part of the compiled statutory law of Montana, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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35-2-132 Ultra vires
Official statutory text
35-2-132 . Ultra vires. (1) 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) A corporation's power to act may be challenged in a proceeding against the corporation to enjoin an act when a third party has not acquired rights. The proceeding may be brought by the attorney general, by a director, or by a member or members in a derivative proceeding.
(3) (a) A corporation's power to act may be challenged in a proceeding against an incumbent or former director, officer, employee, or agent of the corporation.
(b) The proceeding may be brought:
(i) by a director;
(ii) by the corporation, directly, derivatively, or through a receiver, a trustee, or other legal representative; or
(iii) in the case of a public benefit corporation, by the attorney general.
(2) A corporation's power to act may be challenged in a proceeding against the corporation to enjoin an act when a third party has not acquired rights. The proceeding may be brought by the attorney general, by a director, or by a member or members in a derivative proceeding.
(3) (a) A corporation's power to act may be challenged in a proceeding against an incumbent or former director, officer, employee, or agent of the corporation.
(b) The proceeding may be brought:
(i) by a director;
(ii) by the corporation, directly, derivatively, or through a receiver, a trustee, or other legal representative; or
(iii) in the case of a public benefit corporation, by the attorney general.
Status: in_force · Read it on the official government site
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