... to expand by any means possible to achieve the most economically efficient response. The doctrine of ultra vires is widely regarded as a way in which the company law can be responsive to different bodies and constituencies. The doctrine of ultra vires has been subjected to many reforms and has been highly criticised since it was first introduced, this is largely due to the fact that it has been regarded as a hindrance upon the economic efficiency of companies and an inhibitor of a companies ability to expand and respond to the economic climate. Stephen Griffin describes the ultra vires doctrine (pre-reform) as a "regulatory device which sought to prevent a registered company from entering into any type of transaction which exceeded the scope of the company's contractual capacity; contractual capacity being determined by the contents of a company's object clause."1 In order for a company to be considered as having full-capacity ...

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