Hello,
Halsbury's Laws of England1 A Power- Of-Attorney is a formal instrument by which one person, the donor of the power, confers on another, the donee, power to act on the behalf of the donor in the performance of specified act or classes of act or generally.
SPA
According to Osborn's Concise Law Dictionary,7th Edn. A Power-of-Attorney means a formal instrument with which one person empowers another to represent him, or act in his stead, for certain purposes, usually in the form of a deed poll, and attested by two witnesses. The donor of the power is called principal or constituent; the donee is called attorney. The latter is not entitled to exercised such power for his own benefit.
It is narrow mandate authorization. The agent is restricted to act only specific/particular matters or transaction for the principal.You can even make several different POAs, with different agents for each. The power of the agent expires on the completion of the transaction.
How It Is to be Executed: Steps to be followed;
- Drafted the deed of Power Of Attorney.
- Signed and Name of Principal.
- Singed and Name of Two Witnesses who will attested the execution of deed by the principal.
- Stamp paper.
Note: In state of Punjab, the Stamp Duty has to be paid by the executor/donor for General Power of Attorney is Rs 2000/- with registration fees of Rs 400/- and charges for Special Power of Attorney is Rs 1000/ with registration fees of Rs 100/-6. Such stamp duty is mandatory for a valid power-of-attorney.
- Notary Attested, compulsory. i.e deed authenticated by the Notary Public.
- Registration of deed. (Optional) However, document of Power-Of-Attorney deed does not fall within the ambit of section 17 of Indian Registration Act 1908.
Thank you