https://www.taxtmi.com/caselaws?id=96896 A company's purchase of gold and silver bullion for safe custody during wartime was treated as within its memorandum of association. The objects clause authorised the directors to invest money as they thought fit, and the term "invest" was given its ordinary business meaning rather than a narrow meaning limited to income-producing assets. On that basis, converting surplus cash into bullion could fall within the investment power. Separately, bullion was regarded as personal estate that the company could acquire and deal with under the memorandum. The transaction was therefore not outside the company's corporate powers and was not ultra vires. en-us Wed, 13 Oct 1943 00:00:00 +0630 Wed, 11 Jan 2012 18:43:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96896 A company's purchase of gold and silver bullion for safe custody during wartime was treated as within its memorandum of association. The objects clause authorised the directors to invest money as they thought fit, and the term "invest" was given its ordinary business meaning rather than a narrow meaning limited to income-producing assets. On that basis, converting surplus cash into bullion could fall within the investment power. Separately, bullion was regarded as personal estate that the company could acquire and deal with under the memorandum. The transaction was therefore not outside the company's corporate powers and was not ultra vires. Case-Laws Companies Law Wed, 13 Oct 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96896