POWER OF ATTORNEY BY A COMPANY
to be the Company's true and lawful attorney, in the Company's name and on its behalf, for the matter described below, upon the terms of this Power.
- 1. WHAT THE ATTORNEY MAY DO
1.4 The Attorney has no authority under this Power over any other matter of the Company.
- 2. WHAT THE ATTORNEY MAY NOT DO
2.1 Unless the matter in clause 1.1 expressly says so, the Attorney shall not sell, mortgage, lease or give away any property of the Company, borrow money or give a guarantee for the Company, issue or transfer shares, or sign any document on a matter the board has reserved to itself.
2.2 Every payment shall be made from the Company's own bank account, and every receipt shall be in the Company's name.
- 3. REVOCABLE, AND WHEN IT ENDS
3.1 This is an ordinary power of attorney. The Company may revoke it at any time by written notice to the Attorney, under s.203 of the Indian Contract Act, 1872. It also ends if the Company is wound up or dissolved, or when the matter in clause 1.1 is completed, whatever clause 4 says about its stated duration. It is not a power coupled with an interest.
3.2 The signatory ceasing to be a director or officer of the Company does not end this Power; only a written revocation by the Company does.
- 4. DURATION
- 5. GENERAL
5.1 The Attorney shall act honestly and in the Company's interest, shall report to the Company when it asks, and shall keep a written account of every sum received or paid under this Power.
5.2 The Attorney may not hand this Power over to another person (sub-delegate it).
IN WITNESS WHEREOF the Company has executed this Power of Attorney at __________ on __________.
Signature: ______________________________
Company seal, if any: ____________
Signature: ______________________________
WITNESSES