Ultra Vires

Incentive Stock Option (ISO)

(uhl-trah veye-rehz) Latin for “beyond powers,” in the law of corporations, referring to acts of a corporation and/or its officers outside the powers and/or authority allowed a corporation by law. example: directors of highfliers, inc. operate a small bank for its employees and friends, which corporate law does not permit without a bank charter, or sells shares of stock to the public before a permit is issued.

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