What is a power of Attorney?

What is a power of Attorney?

July 23, 2019

A power of attorney (POA) is a legal document, giving a person, who is called the agent, authority to act on behalf of the other person (the principal)’s behalf.

A POA is of different types;

  1. A limited POA is one given to the agent to act on behalf of the principal only in specific matter(s) or event(s) or for a particular period of time. i.e. where a limited POA is given, the agent can act on the principal’s behalf, only in matters that are specified in the body of the POA or for the period of time specified only.
  2. A general POA is given where the principal wants the agent to perform almost any act as the principal, such as opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.
  3. A durable POA is given for the agent to act on the principal’s behalf and it includes what is called a durable cause. The essence of the durable cause is for the power of attorney to be maintained after the principal becomes incapacitated.
  4. A springing POA is given subject to the happening or occurrence of a specified event, e.g on incapacitation of the principal.

Do you wish to be guided on how to grant a Power of Attorney? Or you have any question or clarification regarding its content? Log on to our website – www.618bees.com or call us on +23412803791 to speak to any of our consultants to provide answers to such questions.

Best Regards,

Team 618 Bees

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.

This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • Must I register my work with the Nigerian Copyright Commission?

    No, you must not register your work under the Nigerian law but you have the option to do so. This is because as soon as the original work becomes fixed and tangible it automatically becomes copyrightable.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp