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Stock and Commodity Exchange Volatility Controls

Stock exchanges such as the New York and American Stock Exchanges and trading facilities such as Nasdaq are considered self-regulatory organizations under federal securities laws. To reduce volatility, securities and commodities markets have adopted several mechanisms known as circuit breakers, the collar rule, and price limits.

Criminal Liability of Officers and Directors for Corporate Antitrust Violations

Criminal Liability of Officers and Directors for Corporate Antitrust Violations

Business & Corporate Entities> Corporations> Shareholders & Other Constituents> Meetings & Voting

(Preparations for the Annual Shareholder Meeting)

Business & Corporate Entities> Corporations> Directors & Officers> Management Duties & Liabilities

(Sources of Document Retention Requirements)

Ultra Vires Acts

In most states, the duty of obedience is recognized as one of the three fiduciary duties a director owes to the corporation. One component of the duty of obedience is that a director is prohibited from committing an ultra vires act. Ultra vires, translated from the Latin, means "beyond powers." An ultra vires act is beyond the scope of the powers bestowed on the corporation (and the director) by the corporate charter or bylaws. Thus, a director commits an ultra vires act when he acts without or beyond the authority vested in him by the corporation.