https://www.taxtmi.com/circulars?id=10878 Director standing surety for an outsider not connected with the company's administration is ultra vires the company; furnishing the company's surety in such cases exceeds corporate authority. Directors should not expose themselves or the company to the risk of acting as sureties for unrelated persons, since they may be held personally liable for acting outside the company's authority and in a manner prejudicial to the company's interests. en-us Sat, 17 Jan 1976 00:00:00 +0530 Fri, 17 Jun 2011 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10878 Director standing surety for an outsider not connected with the company's administration is ultra vires the company; furnishing the company's surety in such cases exceeds corporate authority. Directors should not expose themselves or the company to the risk of acting as sureties for unrelated persons, since they may be held personally liable for acting outside the company's authority and in a manner prejudicial to the company's interests. Circulars Companies Law Sat, 17 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10878