A corporation created by royal charter has prima facie the power to do with its property all such acts as an ordinary person can do1. A corporation created by statute can mortgage its property only in so far as it is expressly or impliedly authorised by the statute2. Likewise, a company formed under a statute such as the Companies Act 2006 has the powers given by its constitution, although the power to borrow and secure such borrowing by mortgage will be implied if it is incidental to the purposes
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