What is a “Power of Attorney” clause?..
A power of attorney permits one person (the ‘attorney’) to act on behalf of another person, with the same legal effect as if the person had done the action themselves. Often, where a party to an agreement may be forced under the agreement to do something that is not to their advantage, the agreement will provide that a power of attorney is granted to an officer of the corporation to do the acts required to give effect to the agreement, and the parties agree to this appointment. For example, if under certain conditions a shareholder must sell back their shares to the corporation, and those conditions have been met but the shareholder will not cooperate by signing the necessary documents, the agreement may appoint an officer of the corporation to act on behalf of the shareholder to sign all documents required to sell the shares back to the corporation. There are many types of powers of attorney. Those found in corporate agreements are often not intended to be continuing powers of attorney (those that continue in effect after a person has lost the capacity to make decisions), so the agreement may state that the power of attorney is not a CPOA.
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