Section 35 | Section 41 | |
What may be exercised | General and implied powers | Investment only, not under implied power |
Investment of funds | For primary purpose (an implied power under 35[k]) | In another corporation, business or purpose |
Approval | By a resolution of the Board | +⅔ OCS or members |
Culpa Aquiliana
Responsibility without a written contract, on the basis of a wrongful act. “Culpa” or culpability means responsibility arising from a wrongful act. Aquiliana – Latin