This Limited Power of Attorney form provides for a limited power of attorney for stock transactions only. It used by a shareholder to authorize another person to vote stock and to conduct other corporate powers. The document must be signed before two witnesses.
Power of attorney is a legal document that grants a person, known as the "attorney-in-fact" or "agent," the authority to act on behalf of another individual, known as the "principal," in various financial and legal matters. It is important to understand the different types of power attorney powers formats in order to choose the one that meets your specific needs. 1. General Power of Attorney: This format provides broad powers to the attorney-in-fact, allowing them to make decisions and take actions on virtually all matters on behalf of the principal. It remains in effect until revoked or upon the principal's incapacity. 2. Limited Power of Attorney: In this format, the powers granted to the attorney-in-fact are specifically defined and limited to certain acts or a specific time period. This type is commonly used when the principal requires assistance with specific tasks or transactions. 3. Durable Power of Attorney: A durable power of attorney format includes provisions that ensure the authority of the attorney-in-fact remains in effect even if the principal becomes incapacitated or mentally incompetent. It allows the attorney-in-fact to continue making decisions on the principal's behalf during these circumstances. 4. Springing Power of Attorney: This type only takes effect once a specific event or condition occurs, as specified in the document. Common triggers are the incapacity or disability of the principal, and the attorney-in-fact's powers become active only when the specified condition is met. 5. Healthcare Power of Attorney or Medical Power of Attorney: This format specifically grants the attorney-in-fact the authority to make medical or healthcare decisions on behalf of the principal. It is commonly used when the principal is unable to make decisions about their medical treatment or is incapacitated. To create a power of attorney, a specific format should be followed, which includes the principal's identification and contact details, the attorney-in-fact's identification, the powers granted, the duration of the power of attorney, any limitations, and signatures from both parties and witnesses. It is advisable to consult an attorney or use standardized power of attorney forms tailored to your jurisdiction to ensure compliance with local laws and regulations.
