This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
Where the ultra vires contract is one which a dissenting stockholder or the corporation might at the outset have avoided, delay in proceeding to avoid it will bar whatever right originally existed.1 The stockholders, or those representing them, must be vigilant and diligent to be entitled to be relieved in equity.2 Thus where an ultra vires transfer had been acquiesced for seventeen years,3 no stockholder could complain
 
Continue to: