https://www.taxtmi.com/caselaws?id=97986 A payment made from a life insurance company's shareholders' dividend account to a charitable trust was held ultra vires because it was not within the company's objects and was neither incidental nor naturally conducive to its business. The fund remained company property until a valid dividend was declared, and a resolution authorising a donation could not be treated as dividend distribution. The ultra vires payment was void and incapable of ratification. Under the statutory relief provision, the Tribunal could order refund where an insurer made an unauthorised payment without consideration or reasonable necessity, and both the directors who authorised it and the trustees who received it were liable to repay the amount. en-us Tue, 11 Dec 1962 00:00:00 +0530 Fri, 04 Dec 2015 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97986 A payment made from a life insurance company's shareholders' dividend account to a charitable trust was held ultra vires because it was not within the company's objects and was neither incidental nor naturally conducive to its business. The fund remained company property until a valid dividend was declared, and a resolution authorising a donation could not be treated as dividend distribution. The ultra vires payment was void and incapable of ratification. Under the statutory relief provision, the Tribunal could order refund where an insurer made an unauthorised payment without consideration or reasonable necessity, and both the directors who authorised it and the trustees who received it were liable to repay the amount. Case-Laws Companies Law Tue, 11 Dec 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97986