Five smart things to know about Power of Attorney : Here are a few things to know about the power of attorney:- 1. Power of attorney is a legal arrangement where one person (Principal) appoints another as his agent (or attorney) to act on his behalf. 2. Bank accounts, security trading accounts, investment transactions in property, mutual funds and securities can be operated using the power of attorney. 3. Non-resident investors tend to get into such arrangements to enable their relatives or friends to manage their affairs without involving them in operational activities. 4. The powers being so conferred have to be written down in a legal document (many service providers have standard formats) and notarised. 5. Both the parties have to sign the document, and submit the same after notarisation to the service provider. The content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Posted on: Tue, 01 Jul 2014 09:09:46 +0000
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