The doctrine of ultra vires in its application to companies is abolished and accordingly a company has the capacity and, subject to certain other provisions of the Companies Act, the same rights, powers and privileges as an individual.

Where a transaction purports to be entered into by a company, or by a person as agent for a company, at a time when the company has not been formed, then, unless otherwise agreed by the parties to the transaction, the transaction has effect as one entered into by the person purporting to act for the company or as agent for it, and he will be personally bound by the transaction and entitled to its benefits.

No person is deemed to have notice of any record by reason only that they are made available by the Registrar of Companies, or by a company, for inspection.