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.
A power of attorney is a legal document that grants someone the authority to make decisions on behalf of another person. There are different types of power attorney powers, including: 1. General Power of Attorney: This type of power of attorney gives the agent broad authority to act on behalf of the principal in various legal and financial matters. It typically allows the agent to make decisions about property, finances, and legal matters. 2. Limited Power of Attorney: Unlike a general power of attorney, a limited power of attorney grants the agent specific powers and restricts their authority to a particular task or duration. For example, a person might grant someone a limited power of attorney to handle a specific real estate transaction in their absence. 3. Durable Power of Attorney: A durable power of attorney remains in effect even if the principal becomes incapacitated or mentally incompetent. It allows the agent to continue making decisions on behalf of the principal even if they are unable to do so themselves. 4. Medical Power of Attorney: Also known as a healthcare power of attorney or healthcare proxy, this type of power of attorney grants someone the authority to make medical decisions on behalf of the principal. It is particularly important in situations where the principal is unable to make informed decisions about their healthcare, such as being in a coma or suffering from a serious illness. 5. Financial Power of Attorney: A financial power of attorney grants someone the authority to manage the financial affairs of the principal. This can include paying bills, managing investments, buying or selling property, and making financial decisions on behalf of the principal. 6. Springing Power of Attorney: A springing power of attorney only becomes effective under specific circumstances, usually when the principal becomes incapacitated. It allows the named agent to step in and make decisions on the principal's behalf when certain criteria are met. 7. Non-Durable Power of Attorney: Unlike a durable power of attorney, a non-durable power of attorney is effective only as long as the principal is mentally competent. If the principal becomes incapacitated, the power of attorney becomes invalid. In summary, a power of attorney is a legal tool that grants someone the power to make decisions on behalf of another person. The specific powers included in a power of attorney can vary depending on the type of power attorney, such as general, limited, durable, medical, financial, springing, or non-durable powers of attorney.
