Special Power Of Attorney Coupled With Interest Sample
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FAQ
Contract Act, 1872 provides that the Power of Attorney coupled with interest is irrevocable and cannot be revoked/terminated even ... obligation". Such a power is referred to as a "power coupled with an interest" and should be regarded.
In fact, a ?proxy coupled with an interest? to vote on a particular issue is considered a legal interest in the corporation for many purposes, including the fact that it often allows the holder of the proxy standing to challenge the actions of the corporation in court.
I, (name of the Principal), of legal age, Filipino Citizen, married/single, with the address of (address), do hereby name, constitute, and appoint,(name of Agent), of legal age, Filipino citizen, married/single, and a resident of (address), to be my true and lawful attorney-in-fact to do and perform the following acts ...
The term 'coupled with interest' is used to describe a type of power of attorney that gives the agent the authority to handle not only the principal's property but also any interests which may result from such authority.
To constitute a power coupled with an interest, a property in the thing which is the subject of the agency or power, must be vested in the person to whom the agency, or power, is given, so that he may deal with it in his own Page 2 name; such that, in the event of the principal's death, the authority could be exercised ...