power of attorney(redirected from AIF - attorney in fact)
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power of attorney
Power of Attorney
written authorization given by one person (principal) to another person (agent, representative) to represent the first person before third parties. A power of attorney is a unilateral contract which fixes the content and limits of the agent’s authority. The agent’s actions based on the power of attorney create rights and duties directly for the principal. Three types of power of attorney are distinguished on the basis of the scope of the authority: special—for the performance of one concrete action (for example, to receive wages); limited—to perform some one type of action (for example, power of attorney to an enterprise’s legal counsel for actions in the court of arbitration); general—for general administration of the principal’s property.
According to Soviet law the forms and procedures for carrying out power of attorney, its duration, and the manner of termination are regulated by the civil codes of the Union republics. For example, article 67 of the Civil Code of the RSFSR sets a maximum term of duration of three years for power of attorney; if the duration is not indicated in the power of attorney itself, power of attorney remains in effect for one year from the day on which it was given. Power of attorney which does not indicate the date on which it was given is invalid.
For certain types of power of attorney (for example, power of attorney to enter into transactions which require notarial forms) the law envisions compulsory notarial certification. Power of attorney in the name of a state organization is issued over the signature of its manager, together with the seal of this organization.
The person to whom power of attorney is given must personally carry out those actions for which he has been given authority; transfer of the power of attorney is permitted only if this right is stipulated in the power of attorney or if the transfer is necessary to protect the interests of the principal. The effect of the power of attorney terminates as a result of expiration of its term, revocation of the power of attorney by the principal, renunciation by the agent, termination of the legal person in whose name the power of attorney has been given, death of the principal or agent, and a declaration that either of them does not have the capacity to perform legal acts, that is he is limited in his capacity to perform legal acts, or that he is a missing person.
N. I. TATISHCHEVA