Any person over the age of 18 can be appointed as a CPOA. You may choose to appoint a close family member or a friend/college that you trust. Other options are to appoint the NSW Trustee, a trustee company or a professional advisor such as a lawyer or accountant, who will charge a fee in return for acting as your CPOA.
If you appoint more than one attorney, you need to consider whether you want your attorneys to act jointly (where they must all sign/agree together on your behalf) or jointly and severally (where they are able to act independently on your behalf). You should also consider what will happen if one of your attorneys dies.
No. You will still have authority to act for your business, as long as you are available and capable. Your document should specify that you only want your attorney’s power to begin if and when you become unavailable/incapable of acting for your business.
Some examples of power that can be appointed to a CPOA include the following:
An attorney may be granted power for a specific purpose, such as if a company needs to urgently sign off on a document but a director is ill or overseas.
Limited power may be granted to an attorney, such as to remove the hassle of needing two directors to sign off on routine and frequent operations.
General power may be granted to an attorney in case a director is unavailable to act for the business.
Attorneys who are appointed are not allowed to:
Usually, CPOA will be revoked if an attorney dies or becomes mentally incapacitated in this circumstance. The document will then be read to appoint a new attorney to take over the role. Without this being specified in a document, the role will be vacated and there will be no acting CPOA.
Your attorney must:
A CPOA can be terminated at any time providing you have the mental capacity to do so. We recommend informing your attorney in writing so that your intention is clear to everyone. If you fail to inform your attorney, they may continue to deal with your finances and/or finances and you will still be liable for any actions made by them.
Contact us today if you require any assistance with Corporate Power of Attorney.
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