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POWERS OF ATTORNEY ACT (NORTHERN IRELAND) 1971 - SECT 3

Powers of attorney given as security.

3.(1) Where a power of attorney is expressed to be irrevocable and is given to
secure

(a)a proprietary interest of the donee of the power; or

(b)the performance of an obligation owed to the donee,

(i)by the donor without the consent of the donee; or

(ii)by the death, incapacity or bankruptcy of the donor or, if the donor is a
body corporate, by its winding-up or dissolution.

(2) A power of attorney given to secure a proprietary interest may be given,
and shall be deemed to have been capable always of being given, to the person
entitled to the interest and persons deriving title under him to that
interest, and those persons shall be duly constituted donees of the power for
all purposes of the power but without prejudice to any right to appoint
substitutes given by the power.

(3) This section applies to powers of attorney whenever created.


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© 1971 Crown Copyright

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