1. 2007 David K. Linnan INTERNAL AFFAIRS, INCORPORATION & ULTRA VIRES/WASTE Prof David K. Linnan LAWS #600 August 27, 2007

2. 2007 David K. Linnan INTERNAL AFFAIRS I BASIS OF THE DOCTRINE Choice of law versus constitutional aspects Differing policies & tests? Difference between regulating corporation’s external business in state versus “internal affairs”? “Doing business” tests versus?

3. 2007 David K. Linnan INTERNAL AFFAIRS II THREE CASES 1.McDermott v. Altman (Del) [subsidiary ownership & voting of parent shares 2.Wilson v Louisiana Pacific (CA) [pseudo or quasi-foreign corporation provisions, CA & NY particularly] [3.Vantagepoint Venture Ptrs v. Examen 871 A.2d 1108 (Del 2005)(on CA quasi- foreign corp)]

4. 2007 David K. Linnan ULTRA VIRES COMMON LAW VS MODERN CORP STATUTES Traditionally, contracts were void for lack of capacity under common law What are the new statutory rules & why?

5. 2007 David K. Linnan UV & WASTE WASTE ARGUMENTS TYPICALLY PERMITTED ACTIVITY BUT DISPROPORTIONATE, LIKE ULTRA VIRES 1.711 Kings Highway (modern uv statute) 2.Sullivan v Hammer (Oxy & waste)

6. 2007 David K. Linnan INCORPORATION To the forms vs statutes