https://www.taxtmi.com/caselaws?id=96542 Deposit-taking by a company department that exceeded the objects in the memorandum was held ultra vires, so such deposits did not create personal debtor-creditor relationships; legal principle applied treats the contracts as void for in personam liability and confines remedies to recovery of money or proprietary claims. Applying these principles, depositors were not creditors in law and therefore lacked locus standi to maintain a misfeasance summons under Section 235; the preliminary objection was upheld and the misfeasance summons dismissed. en-us Tue, 07 Oct 1930 00:00:00 +0530 Mon, 09 Jan 2012 11:42:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96542 Deposit-taking by a company department that exceeded the objects in the memorandum was held ultra vires, so such deposits did not create personal debtor-creditor relationships; legal principle applied treats the contracts as void for in personam liability and confines remedies to recovery of money or proprietary claims. Applying these principles, depositors were not creditors in law and therefore lacked locus standi to maintain a misfeasance summons under Section 235; the preliminary objection was upheld and the misfeasance summons dismissed. Case-Laws Companies Law Tue, 07 Oct 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96542