Current as of April 27, 2021 | Updated by FindLaw Staff
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(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.
Cite this article: FindLaw.com - Montana Title 35. Corporations, Partnerships, and Associations § 35-2-132. Ultra vires - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-35-corporations-partnerships-and-associations/mt-code-ann-sect-35-2-132.html
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