Power of attorney for adding an authorised signatory
sujit
(Querist) 24 November 2013
This query is : Resolved
in case of a proprietorship firm a single proprietor can sign the cheques and now he wants to add an authorised signatory (his relative)to the current account .The bank said that a power of attorney will have to be executed .
Can any of the employees be the witness for the power of attorney and can the office address be mentioned as the address of the witness.
what are the liabilities of a witness ,the witness knows both the parties to the power of attorney and both the parties have signed in the presence of the witness
malipeddi jaggarao
(Expert) 25 November 2013
1. Yes - any employee can be witness to the POA, but the address should be residential address. The address is required to trace the witness in case of need.
2. Witness vouches for the contents of the POA, the executant and POA holder are the rightly identified persons and they willfully signed the POA before the witness.
What is your role in the above query? Come with full facts.
J K Agrawal
(Expert) 25 November 2013
Witness is liable to identify to persons executants and a bit liable for the fact that he knows the facts of deed roughly and the free consent of parties was there.
He is liable to state the the document was genuine and executed with free consent by the persons he know and can identify.
HE is not liable between any dispute between parties itself or with any other person.
sujit
(Querist) 25 November 2013
i am the senior accountant of the firm and will have to draft a POA as said by the bank.Since my sir (the proprietor) is not available in office most of the times he wants to add an authorised signatory ,one of our managers (and his relative)to operate a current account.
what are the liabilities of a witness ,the witness knows both the parties to the power of attorney and both the parties have signed in the presence of the witness. i may be one of the witness ,and know both the parties and also the contents of the POA
malipeddi jaggarao
(Expert) 25 November 2013
Already replied by me and expert Mr.Agrawal. No liability except those brought out in our reply.
In proprietorship concerns, the proprietor can give a mandate letter to bank to allow operations to the mandate holder. The specimen will be supplied by the Bank. Instead of executing a power of attorney simple mandate letter is enough for this purpose. Ask the bank to give the specimen mandate letter. This is enough.
Devajyoti Barman
(Expert) 25 November 2013
yes , it can be done. No problem in it.
Biswanath Roy
(Expert) 25 November 2013
Iagree with the views of Mr. Agarwal and Mr. Jaggarao
T. Kalaiselvan, Advocate
(Expert) 25 November 2013
