Define That Term #35
February 10, 2006
Yesterday's term was defalcation, which is defined as:
v. from Latin for "deduction," withholding or misappropriating funds held for another, particularly by a public official, or failing to make a proper accounting.
Joltbklyn got it right!
Today's term is:
ultra vires.
As always, no dictionaries and good luck.
An act outside the scope of a coroporate officer's authority.
Posted by: slickdpdx | February 10, 2006 at 04:22 PM