Whether the power of attorney can be revoked?
A power of attorney can be revoked or would stand revoked if (i) it is revoked by the principal or (ii) if the principal dies or becomes of unsound mind or (iii) if the business of agency comes to an end or (iv) if the principal is adjudged insolvent. A power of attorney may also be terminated by operation of law when (a) the period for which it is given expires, and (b) the performance becomes impossible or illegal. The power of attorney given by a firm would stand dissolved, when the said partnership firm is dissolved.
However, a power of attorney cannot be revoked after the attorney has exercised the authority given to him in respect of the acts exercised. If the power of attorney is given jointly by two or more persons, the death of any one of them will not revoke the power of attorney in respect of others. An irrevocable power of attorney cannot also be revoked. For example, a power of attorney in favour of a bank authorizing the bank to sell the property hypothecated to the bank and to adjust the sale proceeds would be an irrevocable power. It cannot also be revoked if the agent or attorney himself has an interest in the property which forms the subject matter of the agency unless there is express contract to the contrary.