New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) No act of a company and no transfer of property to or by a company is invalid merely because the company did not have the capacity, the right, or the power to do the act or to transfer or take a transfer of the property.
(2) Subsection (1) of this section does not limit—
(a) Section 164 of this Act (which relates to injunctions to restrain conduct by a company that would contravene its constitution); or
(b) Section 165 of this Act (which relates to derivative actions by directors and shareholders); or
(c) Section 169 of this Act (which relates to actions by shareholders of a company against the directors); or
(d) Section 170 of this Act (which relates to actions by shareholders to require the directors of a company to take action under the constitution or this Act).
(3) The fact that an act is not, or would not be, in the best interests of a company does not affect the capacity of the company to do the act.
Compare: 1955 No 63 s 18A; 1983 No 53 s 8