Ultra vires is one of the perplexing problems in the Philippines law on corporation. Its many aspects and varied nuances make it a fascinating and challenging field of study. Under the proposed "Corporation Code" of the Philippines, the law on ultra vires contracts is completely overhauled, in so far as the third party-the person contracting with the corporation is concerned. In sum, it is recommended that Article 45 be withdrawn; that Article 47 be rephrased; and that Article 49 be amended. Articles 46 and 48 may be accepted without modification.