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Cotman v Brougham : ウィキペディア英語版 | Cotman v Brougham
''Cotman v Brougham'' () AC 514 is UK company law case concerning the objects clause of a company, and the problems involving the ''ultra vires'' doctrine. It held that a clause stipulating the courts should not read long lists of objects as subordinate to one another was valid. This case is now largely an historical artifact, given that new companies no longer have to register objects under the Companies Act 2006 section 31, and that even if they do the ''ultra vires'' doctrine has been abolished against third parties under section 39. It is only relevant in an action against a director for breach of duty under section 171 for failure to observe the limits of their constitutional power. ==Facts== Essequibo Rubber and Tobacco Estates Limited was registered on 6 April 1910 under the Companies (Consolidation) Act 1908, whose section 3 required a company to register its objects. The company had a huge number of objects and its last clause said that clauses should be read individually and not as subclauses of main clauses. The question was whether the company had the capacity to underwrite (guarantee the value of) an issue of shares in the Anglo-Cuban Oil Bitumen and Asphalt Company Limited.
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