What are all the purposes for which a General Power of Attorney can be executed? What is the meaning of a Special Power of Attorney?
- by Arunachalam, HSR Layout
[A] The executant of a Power of Attorney can assign all the legally permissible activities to his attorney holder to be performed on his behalf. The following are some of the powers which the executant can assign to his attorney holder under a power of attorney:
• To buy, sell, maintain and Manage and pay taxes in respect of the property of the executant.
• To conduct banking transactions on behalf of the executant.
• To Invest, or not invest, money in stocks, and securities, bonds and mutual funds, etc., on behalf of the executant.
• To make legal claims and conduct litigation for and on behalf of the executant.
• To attend to tax matters of the executant.
• To make gifts on behalf of the executant.
• To utilize the assets of the executant and meet the expenses of the family and of the executant.
• To buy and sell insurance policies and annuities for and on behalf of the executant.
• To conduct the business activities for and on behalf of the executant
[B] Power of Attorney executed by a person in favour of another to act on his behalf for specific purpose is called Special Power of Attorney. If a person is unable to go over to registry office to present a document executed in his favour or to admit execution of document executed by him, such power of attorney shall be authenticated or attested by the Sub Registrar.