Understanding the Types of Power of Attorney Special vs Irrevocable in legal Contracts
Understanding the Types of Power of Attorney Special vs Irrevocable in legal Contracts
IRREVOCABLE POWER OF ATTORNEY
(RELATING TO THE REGULARIZATION, MUTATIONS, SANCTIONS, BANKING DOCUMENTS ETC. OF THE PROPERTY UNDER REFERENCE BUT NOT FOR SALE)
BE IT KNOWN TO ALL BY THESE PRESENTS THAT,
PVT. LTD.
A Private Limited Co., Having its registered office at
Through its Director
SHRI
[PAN ] [AADHAR ]
Aged about years, Occupation – Business
R/o. Plot No.
(Hereinafter referred to and called the “EXECUTANT”, does hereby through this Irrevocable Power of ATTORNEY executed at Nagpur on This Day ___of ______ 202__ appoint, authorize, constitute, nominate and empower
- SHRI
[PAN ] [AADHAR ]
Aged about years, Occupation – Business
R/o. Plot No. , Email id : ( M)
- SHRI
[PAN ] [AADHAR ]
Aged about years, Occupation – Business
R/o. Plot No. . Email id : ( M)
as its true and lawful joint and individual ATTORNEY/S
Where the context so requires, words and expression referring to the parties hereto jointly or individually also include the plural and vice versa. Any reference to masculine gender shall wherever required include feminine gender and vice versa.
WHEREAS; the EXECUTANT, is the owner of or otherwise well entitled to ALL THAT piece and parcel of land admeasuring Sq.Mtr equivalent to about Acres Area having Plot No. , Sector- of the Notified Area, , situated, lying and being area in Village , Taluka , District which is more particularly described in the schedule given herein below.
AND WHEREAS; due to preoccupation and engagements, it is neither possible nor convenient for the EXECUTANT to look after, manage the said land/property and to obtain various permissions, sanctions, regularizations, in all respect and manage the same, therefore, it is agreed and decided to appoint the above named ATTORNEY/S as its joint and individual ATTORNEY/S, accordingly through this Irrevocable Power of ATTORNEY, the EXECUTANT constitute, nominate, appoint, authorize and empower the aforesaid ATTORNEY/S to do or execute or cause to be done or execute lawfully the following acts or deeds including the acts and deeds incidental or ancillary thereto for and on behalf of the EXECUTANT i.e. to say
- To appear and attend any Governmental or Public Authority including Collector, Nazul, NIT, NMC, City Survey, S.D.O., S.L.R., U.L.C., Sub-Registrars, Tahsildar, NMRDA, Nagar Panchayat, Local Bodies, Town Planning, Maharashtra Airport Development Company, Multi Modal International Passenger and Cargo Hub Airport, MIHAN, Mantralaya or any other Governmental or Public Agency for or any other Office and in relation to property in question, apply for mutation of the property, deletion or addition of names, tax purpose, obtain any permission or clearance or raise any objection as to excessive taxes or to obtain the compensation or apply for any clearance and permission/license/permit/ approvals/ NOC for any purpose apply for conversion of user regularization of the said property or for grant of release, lease of the same including renewal thereof, measurement, correction in area, impounding, compounding, clubbing, division, etc., also to apply for, sanction of lay out plan, building plan, revised plans, with or without TDR, receive compensation against acquisition or otherwise in cash or in kind, obtain and use TDR etc., and for this purpose to do all required acts, sign and execute all required deeds, documents, applications, forms, undertakings, letters, notices, designs, forms, bonds, drawings, affidavits etc., and all other required documents and to deposit or pay such required sums for the said purpose/s to any department or office as may be required.
- To apply before Electricity Board/department and Water Work or any other Concerned Department for transfer of Electricity Meter and Water Meter or to apply for New Electricity Connection or Water Connection, execute such deeds, forms, affidavits, applications before any Magistrate or Authority and submit the same under its signature as may be required.
- To execute or sign correction deed, consent deeds, settlements, memorandum of understanding, confirmation deeds, affidavits, declarations forms, mortgage deed, banking documents, deed of declaration etc. and if required or desired to get the same registered before Notary, Sub-Registrar or any other Authority by presenting the required deed/s before any such authority and to admit execution thereof and complete the registration process in all respects.
- To apply for regularization of any deeds/documents, supply of any kind of stamps, court fee or refund, before stamps, Collectors, Treasury Officer or before any other concerned Department and for to receive the same and this purpose to execute the required deeds, affidavits, statements or applications or forms etc.
- To apply for, receive and collect any original deed or document or certified copies, notices, demands, letters, release orders, etc., from any office, court, bank or authority.
- To pay or deposit any quantum of sums to any Governmental or private Agency for any purpose such as fees, duty, fine, charges etc., for any purpose in relation to above said property. Similarly, the ATTORNEY/S shall be entitled to receive any amount, money, refund from any department, authority, person/s on any account what so ever and issue receipt or valid discharge, if required.
- To apply for loan/s of any kinds under the various schemes of any bank/s or financial institution/s particularly educational loan as also any further or additional loan/s to any bank/s or financial institution/s for such amount as the ATTORNEY/S may deem fit and for that purpose to pay the processing fee/s and sign the loan applicant/s in the name of EXECUTANT and on behalf of EXECUTANT to furnish all the details and information required by any bank/s or financial institution/s and to give any statement letter, clarification or any other writing required or necessary for availing of the said loan/s from any bank/s or financial institution/s and from time to time to follow up the said loan application/s and do such other things and details as may be necessary in relation thereto.
- To accept the loans offer letter/s and sign the acceptance/s thereof in token on behalf of EXECUTANT acceptance/s of the terms and conditions therein contained and to pay on behalf of EXECUTANT the administrative fees and any other charges including commitment charge leviable in respect of the said loan/s.
- To request any bank/s or financial institution/s or agree with any bank/s or financial institution/s for any charge or modification in the loan/s amounts/s rate/s of interest, period of repayment of loan/s or any other terms and condition to the loan/s at any time or from time to time.
- To receive the disbursement of the said loan/s and for that purpose give effectual discharge and give all the necessary information and documents to assist the Technical and Legal Appraisal of the property purchased / to be purchased with the help of the loan/s.
- To mortgage the said property he / they may book/purchase on any on behalf of EXECUTANT or which the EXECUTANT might have booked/purchased (whether with or without any bank/s or financial institution/s financial assistance) with any bank/s or financial institution/s by deposit of Title Deeds as security for the repayment of the loan/s granted/to be granted by any bank/s or financial institution/s to the EXECUTANT.
- To deposit on behalf of EXECUTANT the documents of title and to state on behalf of EXECUTANT to any officer of any bank/s or financial institution/s that the said documents are being deposited for creating a security on the said property by way of equitable mortgage of repayment of the said loan/s. The ATTORNEY/S is fully authorized to make these statements and convey intentions of the EXECUTANT to create security on the said property/ies or any other property/ies they/he may book/buy on behalf of EXECUTANT.
- To make any other statements necessary to create equitable mortgage by deposit of title deeds and also to execute any writings, undertakings, indemnities, etc. on behalf of EXECUTANT in respect of mortgage of the said property/ies or the guaranteeing of the repayment of the said loan/s any other writings whatsoever required in respect of the said transactions of the loan/s granted/to be granted to the EXECUTANT or creation of the said security.
- To execute any loan agreement/s, promissory notes, letter/s of declaration and indemnity or such other documents as may be required by any bank/s or financial institution/s in respect of the said loan/s.
- To execute in favour of any bank/s or financial institution/s and irrevocable Power of Attorney authorizing any bank/s or financial institution/s to execute in its own favour or in favour of any other person as any bank/s or financial institution/s in its sole discretion may decide, legal mortgage in any form including in the English form of the properties.
- To pledge with any bank/s or financial institution/s, or sale, shares, any share certificates, debentures, books, units issued by Unit Trust of India, National Saving Certificate, fix deposits or any other security owned by me in favour of any bank/s or financial institution/s by way of security for the said Loan/s and to sign any documents, transfer forms or papers that may be required by any bank/s or financial institution/s in connection therewith.
- To acknowledge on behalf of EXECUTANT any liability/debt in respect of the loan/s.
- To file, conduct, pursue against any person or persons or defend any legal proceedings whether Civil or criminal or Revenue including withdrawal or compounding any case are other acts before any Court, Tribunal, Authority or Officer whether having original or appellate jurisdiction and for this purpose to appoint any, Pleader or Advocate and to sign or execute any deeds, applications, plaints appeals, review or revision applications or any other kinds of documents on affidavit or solemn affirmation before any court or authority and if required to swear before any such court or authority and depose before it or lead, adduce or produce any evidence whether documentary or oral.
- To represent the EXECUTANT in or before any governmental, statutory or public office, department, board, court or any authority by signature or otherwise and to sign all necessary deeds, documents, forms etc. as the ATTORNEY/S deems fit for any purpose as the ATTORNEY/S deem fit.
AND GENERALLY to do any act individually or jointly or deed which act or deed can be done by the EXECUTANT as recorded owner or seller of the said property. The ATTORNEY/S are empowered to do all or any of the above said acts and to achieve the above said objects to do any incidental acts in relation to schedule property on behalf of the EXECUTANT. The ATTORNEY/S shall be entitled to act on behalf of the EXECUTANT personally or through any nominee as per its convenience and requirement. The EXECUTANT undertake to confirm all such acts and deeds done or executed by its said ATTORNEY/S, in relation to the property in question, shall be deemed to have been done or executed by the EXECUTANT and shall be deemed to have been ratified, confirmed by the EXECUTANT and shall be binding to the EXECUTANT as well as it’s respective heirs, legal representatives, successors, partners etc., as done or executed by the EXECUTANT personally. The EXECUTANT declare that the EXECUTANT shall not revoke this Power of ATTORNEY/S at any point of time for any reasons what so ever as it is irrevocable. The EXECUTANT make it clear that any deference or change in the measurement, area or numbering position, location, area, description of the said property as may be occurred due to any writing/printing mistake or change in record of public authorities or otherwise from time to time, that shall not annul this Power Of ATTORNEY/S and this Power Of ATTORNEY/S shall be applicable to the property with such description and modification as may occur from time to time. Under this Power Of ATTORNEY/S no selling powers are given, but this Power of Attorney is issued only for the purpose of regularization, sanctions, management of the property as above, therefore, appropriate stamp duty of Rs. 100/- only is paid on this Power Of ATTORNEY/S deed. Either or any of the ATTORNEY/S shall be entitled to act and perform under this Power of Attorney for and behalf of this EXECUTANT.
SCHEDULE OF PROPERTY REFERRED ABOVE:-
ALL THAT piece and parcel of land admeasuring Sq.Mtr equivalent to about Acres Area having Plot No. , Sector- of the Notified Area, city, situated, lying and being outside SEZ area in Village , District , bounded as under–
TOWARDS EAST –
TOWARDS WEST –
TOWARDS NORTH –
TOWARDS SOUTH –
IN WITNESS WHEREOF this IRREVOCABLE GENERAL POWER OF ATTORNEY/S SIGNED, EXECUTED AND DELIVERED BY THE WITHIN NAMED EXECUTANT at Nagpur in the presence of the following attesting witnesses signing as such on the day, month and year first above mentioned.
WITNESSES:-
- _________________
_________________________
PVT. LTD.
Through its Director
SHRI
[THE EXECUTANT]
I/We accept this Irrevocable Power of ATTORNEY
1._________________________
SHRI
2._________________________
SHRI
[THE ATTORNEY/S]
- _______________
Drafted as per the instructions & documents of parties.
Understanding the Types of Power of Attorney Special vs Irrevocable in legal Contracts
Power of Attorney (POA) is a legal document that grants someone the authority to make decisions on behalf of another person. There are various types of Power of Attorney, each serving specific purposes based on the needs and circumstances of the individuals involved. Two common types are Special Power of Attorney and Irrevocable Power of Attorney, each with distinct characteristics.
1. Special Power of Attorney:
A Special Power of Attorney is a document that grants an agent specific and limited powers to act on behalf of the principal. The authority granted is explicitly outlined in the document and may pertain to a particular transaction, event, or time frame. This type of POA is ideal when the principal needs assistance with specific matters but doesn’t want to grant broad decision-making powers.
Key Features:
- Limited Scope: Specifies the exact powers delegated to the agent.
- Time-Bound: Can be effective for a specific period or during specific circumstances.
- Revocable: Can be revoked by the principal at any time, providing flexibility.
2. Irrevocable Power of Attorney:
Irrevocable Power of Attorney, on the other hand, is a more permanent and binding arrangement. Once granted, the principal cannot easily revoke the powers given to the agent. This type is often used in situations where the principal wants to ensure long-term decision-making or needs assistance due to incapacity.
Key Features:
- Long-Term Authority: Typically used for ongoing or extended decision-making needs.
- Binding: Once granted, the principal’s ability to revoke is restricted.
- Trust: Commonly used in estate planning or situations where trust and permanency are essential.
Key Differences:
Flexibility:
- Special POA: Offers flexibility as it can be revoked or tailored to specific needs.
- Irrevocable POA: Provides a more rigid structure with limited options for revocation.
Duration:
- Special POA: Can be time-bound or event-specific.
- Irrevocable POA: Often intended for long-term or continuous decision-making.
Use Cases:
- Special POA: Ideal for specific transactions or events.
- Irrevocable POA: Commonly used in situations requiring ongoing, unchanging authority.
Understanding the nuances between Special and Irrevocable Power of Attorney is crucial for individuals seeking to empower others to act on their behalf. It’s recommended to consult legal professionals to ensure the proper creation and execution of these documents based on specific needs and circumstances.
Understanding the Types of Power of Attorney Special vs Irrevocable in legal Contracts
SPECIAL POWER OF ATTORNEY
(FOR ADMISSION OF EXECUTION AND PROCURING REGISTRATION OF DEEDS)
BE IT KNOWN TO ALL BY THESE PRESENTS THAT,
PVT. LTD.
A Private Limited Co., Having its registered office at
Through its Director
SHRI
[PAN ] [AADHAR ]
Aged about years, Occupation – Business
R/o.
(Hereinafter referred to and called the “EXECUTANT”, does hereby through this Special Power of Attorney executed at Nagpur on This Day ___of month 202 appoint, authorize, constitute, nominate and empower
- SHRI
(AADHAR )
Aged about years, Occupation – Service
R/o. .
- SMT
(AADHAR )
Aged about years, Occupation – Service
R/o.
as its true and lawful joint and individual ATTORNEY/S
Where the context so requires, words and expression referring to the parties hereto jointly or individually also include the plural and vice versa. Any reference to masculine gender shall wherever required include feminine gender and vice versa.
WHEREAS; for the purpose of registration of various deeds and documents in the office of concerned Sub-Registrar relating to units / flats / apartments / blocks at ALL THAT piece and parcel of land admeasuring Sq.Mtr equivalent to about Acres Area having Plot No. of the Notified Area, city , situated, area in Village Taluka , District which is more particularly described in the schedule given herein below, the EXECUTANT PVT. LTD. through its Director/s or any authorized signatory is required to attend office of the concerned sub-registrar frequently, however due to preoccupation and engagements, it is neither possible nor convenient for any of the Director/s or authorized signatory of it to attend office of the concerned sub-registrar for the purpose of registration of various deeds and documents by and on behalf of PVT. LTD. therefore, for the purpose of registration of deeds and documents, this power of attorney is necessitated accordingly through this Special Power of Attorney, the EXECUTANT PVT. LTD. through its present Director SHRI constitute, nominate, appoint, authorize and empower the aforesaid ATTORNEY/S to do or execute or cause to be done or execute lawfully the following acts and performances including the acts and performances incidental or ancillary thereto for and on behalf of the EXECUTANT PVT. LTD. i.e. to say;
- To appear and attend the office of concerned Sub-Registrar and to lodge or present the deeds and documents including agreements for sale, sale deeds, declaration deeds, confirmation deeds, consent deeds, lease deeds, sub-lease, agreements, correction deeds, cancellation deeds, apartments deeds, indenture of assignment deeds, mortgage deed, pledge and all other deeds or documents executed by any of the Director or authorized signatory on behalf of the LTD. under his/ her signature for registration and to admit the execution thereof and complete the registration process in all respect.
- To present such deed/s, documents executed by any of the Director or authorized signatory on behalf of the LTD. before the concerned registration authorities as may be required and admit execution thereof and further shall do such acts, performance as may be required for completion of registration process in all respects and to pay such charges or fee as may be required by signing before registration authorities, giving thumb impression, photograph etc., as may be required.
- To sign or execute such documents, receipts, forms etc., as may be required for admission of execution & completion of registration process and to pay such charges or fee as may be required.
- To receive or collect the deeds & documents from the office of the Sub-Registrar and sign the receipts or acknowledgement etc. for the same and do such other acts & deeds as may be required for completion of registration process which any of the Director or authorized signatory on behalf of the LTD. could have done if present personally.
- To apply for supply of any kind of stamps or refund, before stamps Collectors, Treasury Officer or before any other concerned Department and to receive the same and for this purpose to execute the required deeds or applications or forms etc., either or any of the ATTORNEY/S shall be entitled to perform by virtue of this Power of Attorney individually at any time.
- This Power of ATTORNEY is issued only for the purpose of completion of registration process of the deeds and documents executed by any of the Director or authorized signatory on behalf of LTD., therefore, proper stamp duty of Rs.500/- is paid herewith. The EXECUTANT make it clear that either or any of the ATTORNEY/S individually shall be entitled to act and perform as per this Special Power of Attorney for registration of deeds and documents relating to above referred property only but not for any other property and all the acts, performances done by any of the ATTORNEY/ S shall be binding and applicable to PVT. LTD.
SCHEDULE OF PROPERTY REFERRED ABOVE:-
ALL THAT piece and parcel of land admeasuring Sq.Mtr equivalent to about __ Acres Area having Plot No. of the Notified Area, , situated, area in Village Taluka , District , bounded as under–
TOWARDS EAST –
TOWARDS WEST –
TOWARDS NORTH –
TOWARDS SOUTH –
IN WITNESS WHEREOF this SPECIAL GENERAL POWER OF ATTORNEY/S SIGNED, EXECUTED AND DELIVERED BY THE WITHIN NAMED EXECUTANT at ___ city in the presence of the following attesting witnesses signing as such on the day, month and year first above mentioned.
WITNESSES:-
- _________________
_________________________
PVT. LTD.
Through its Director
SHRI
[THE EXECUTANT]
I/We accept this Special Power of Attorney
1._________________________
SHRI
2._________________________
SMT.
[THE ATTORNEY/S]
- _______________
Drafted as per the instructions & documents of parties.
Understanding the Types of Power of Attorney Special vs Irrevocable in legal Contracts
In addition to Special Power of Attorney and Irrevocable Power of Attorney, there are several other types of Power of Attorney, each serving distinct purposes. Here are a few more types:
1. General Power of Attorney (GPOA):
A General Power of Attorney grants broad powers to the agent, allowing them to make a wide range of decisions on behalf of the principal. This type is comprehensive and is often used when the principal needs assistance with various financial, legal, and business matters. It is important to note that a General Power of Attorney is usually revocable unless stated otherwise.
2. Durable Power of Attorney:
A Durable Power of Attorney remains effective even if the principal becomes incapacitated or mentally incompetent. This type is often utilized in long-term planning to ensure that decisions can still be made on the principal’s behalf in the event of disability.
3. Limited or Specialized Power of Attorney:
Similar to a Special Power of Attorney, Limited or Specialized Power of Attorney grants the agent specific and restricted powers. However, it might cover a broader range of activities than a Special Power of Attorney, allowing the agent to handle multiple related tasks within a given scope.
4. Springing Power of Attorney:
A Springing Power of Attorney becomes effective only under specific conditions, such as the incapacity of the principal. Until the triggering event occurs, the agent has no authority. This type is often used as a precautionary measure to ensure that decision-making powers are only transferred when needed.
5. Medical or Healthcare Power of Attorney:
Also known as a Healthcare Proxy or Medical Power of Attorney, this document specifically grants the agent the authority to make medical decisions on behalf of the principal if they are unable to do so. It is crucial in situations where the principal is incapacitated or facing medical emergencies.
6. Financial Power of Attorney:
A Financial Power of Attorney is designed to grant the agent authority over the financial affairs of the principal. This may include managing bank accounts, signing checks, and handling other financial transactions. It can be general or limited in scope based on the principal’s preferences.
7. Revocable vs. Irrevocable Power of Attorney:
Apart from Special and General Power of Attorney, a Power of Attorney can also be categorized based on revocability. While most are revocable, meaning the principal can revoke or amend them at any time, some, like the Irrevocable Power of Attorney, limit the principal’s ability to revoke the granted powers.
Understanding the specific features and applications of these different types of Power of Attorney documents is crucial when choosing the right one based on individual needs and circumstances. Consulting with legal professionals is always recommended to ensure that the document aligns with applicable laws and regulations.