THE CORPORATIONS LAW

CHAPTER 2B - BASIC FEATURES OF A COMPANY

PART 2B.1 - COMPANY POWERS AND HOW THEY ARE EXERCISED

SECTION 125   CONSTITUTION MAY LIMIT POWERS AND SET OUT OBJECTS  

125(1)  (Limitations in constitution)  

If a company has a constitution, it may contain an express restriction on, or a prohibition of, the company's exercise of any of its powers. The exercise of a power by the company is not invalid merely because it is contrary to an express restriction or prohibition in the company's constitution.

125(2)  (Company's objects)  

If a company has a constitution, it may set out the company's objects. An act of the company is not invalid merely because it is contrary to or beyond any objects in the company's constitution.