8. Competency of corporations as principals.

At common law it is an incident to a corporation created by Royal Charter1 to use its common seal for the purpose of binding itself to anything to which a natural person could bind himself and to deal with its property as a natural person might deal with his own2. If the powers of the corporation are limited by the Charter, those limits are enforceable by a declaration of the court3.

Corporations incorporated by statute4 are subject to the common law doctrine of ultra vires, that is, what is not expressly or by implication authorised in the statute must be