Read the background and answer the question below

Historically, corporations were required to lodge both a memorandum of association and articles of association in order to incorporate. The memorandum of association presented significant challenges due to the doctrine of ultra vires. This doctrine was of particular concern for lenders who extended credit to companies.

Question A

The Corporations Act 2001 (Cth) now permits a company to incorporate with a constitution, or it may adopt the statutory replaceable rules (pursuant to s. 134 of this Act). Explain the common law doctrine of ultra vires and critically assess whether the doctrine has been abolished since the introduction of the Corporations Act 2001.