Power of Attorney

[harpreet_sheera]

How can I get back my P.O.A if the 20% shareholder refuses to give it back. His reason for refusal being that the bank has given us the business loan and not him but as we are not residents of that country the bank only gave us the loan so long as he is the guarontor. This is the main reason he is reluctant to give back the P.O.A. So where do we stand.

[joggerjayne]

You don't have to wait for him to give it back.

Simply revoke it.

All POA's are revocable by the donor.

Plus, the authority of a POA is to act on behalf of the Donor. The authority given by a POA can never exceed that of the Donor.

[factor-fiction]

I've read your 3 posts on this topic and you've had some helpful answers but I wonder whether we need to know which country you are in (you say "but as we are not residents of that country " as the laws/arrangements may not be the same as in the UK. For example one poster has explained t differences in USA. If it was India the rules may differ too.

[cathfromsaron]

yes, get legal advice! is it poa or a stake? xx

[maclarencat]

I can unerstand that if the 20% shareholder took a loan on behalf of the business he was running with POA and acted as guarantor he would be reluctant to give up the POA as if you took over the running of the company you may not pay the loan and he would have to pay from his own pocket for something for your firm. Though I dont think he can refuse to give it up.