Illinois Limited Power of Attorney for Stock Transactions and Corporate Powers
Understanding this form
This Limited Power of Attorney for Stock Transactions and Corporate Powers form allows a shareholder to authorize another person to manage voting and other corporate actions related to their stock holdings. Unlike a general power of attorney, this document is specifically tailored for stock transactions and corporate matters, limiting the agent's authority to these areas only.
Form components explained
- Identification of the principal and attorney-in-fact
- Specific powers granted for stock management
- Provisions regarding execution and delivery of stock
- Witness signatures required for validation
- Indication of whether the power of attorney is durable or non-durable
When to use this form
This form is essential when a shareholder needs someone else to vote their shares, execute stock transactions, or handle corporate matters on their behalf. It is particularly useful during shareholder meetings when the principal cannot attend or when managing stock sales without direct involvement.
Who needs this form
- Shareholders who cannot attend corporate meetings
- Individuals managing investments in corporations
- People needing someone to handle corporate transactions temporarily
How to prepare this document
- Identify the principal by entering their full name and address.
- Designate the attorney-in-fact by providing their name and contact details.
- Clearly specify the powers granted regarding stock transactions.
- Have two witnesses sign the document to validate the agreement.
- Make an indication about whether this is a durable or non-durable power of attorney.
Is notarization required?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to include witness signatures, rendering the form invalid.
- Not specifying the powers clearly, leading to potential disputes.
- Omitting the principalâs address, which is essential for identification.
Why complete this form online
- Immediate access to a reliable legal document template.
- Customizable sections to fit specific needs and situations.
- Convenient download and printing options available.
Legal use & context
- This Limited Power of Attorney grants specific authority related to stock transactions.
- It protects the principal's legal interests while allowing flexibility in corporate governance.
- Incorporates necessary safeguards to ensure accountability from the attorney-in-fact.
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FAQ
Having joint power of attorney between two siblings is also an option families can explore. James Gillis, an estate planning attorney at Offit Kurman, explained: A principal could appoint two or more agents.
You cannot have more than one Agent acting at the same time. In Illinois, if you want to name more than one Agent, you must make one of them your primary Agent. If that Agent dies or can't make decisions for you, then your second Agent (the Successor Agent) would act for you.
Technically you can have as many attorneys as you like but it is common to appoint between one and four attorneys. It's advisable not to have too many attorneys, as it can cause issues if lots of people are trying to act on your behalf at once.
The person you give the power of attorney to is the agent and you are the principal. The agent is usually a spouse, a close friend, or a trusted relative. The document does not have to be notarized.
A limited PoA, amongst other things, grants the PoA holder access and permission to execute trades/orders on your trading account, on your behalf. However, it does not allow the PoA holder to perform withdrawals requests or transfer of funds. All withdrawals must be requested by the authorized signatory of the account.
You can choose one or more people to be your attorney. If you appoint more than one, you must decide whether they'll make decisions separately or together.
An Enduring Power of Attorney may not be effective outside Alberta.An Alternate Attorney is a person named in a Power of Attorney to act if another Attorney cannot act. More than one EPA can be valid at the same time. For example, you might have different documents for different purposes.
A limited power of attorney grants the representative that you choose (the agent or attorney-in-fact) the power to act on your behalf under limited circumstances.Under a general power of attorney, the agent or attorney-in-fact can do anything that you can do.
If you do not have a power of attorney for health care, your family and your doctors will make health care decisions for you.