delegatus non potest delegare
(Latin: a delegate cannot further delegate)The rule that a person to whom a power, trust, or authority is given to act on behalf, or for the benefit of, another, cannot delegate this obligation ...
Hammersmith and Fulham swaps
Certain interest-rate swaps entered into by the London borough of Hammersmith and Fulham in the 1980s in order to avoid rate-capping by central government. In 1992 the swaps were declared ultra vires ...
legal risk
In a financial transaction, the possibility of adverse impacts flowing from the legal or regulatory system.
objects clause
A clause contained in the articles of association of a company setting out the objects for which the company has been formed. The Companies Act 2006 removes the former requirement for a company to ...
quasi-public company
A profit-making company which is owned by the state or by a state agency. It therefore has some attributes of a sovereign entity. The exact degree of support, however, needs ...
Whoops
(USA).The large-scale municipal bond default that occurred when the underlying contractual arrangements, and hence bond security, were declared invalid (cf. ultra vires).
