POWERS OF ATTORNEY AND COMPETENCE LIMITS Clause Samples
The "Powers of Attorney and Competence Limits" clause defines the authority granted to an individual or entity to act on behalf of another, while also specifying any restrictions on that authority based on legal competence or capacity. In practice, this clause outlines who may be appointed as an attorney-in-fact, the scope of their decision-making powers, and any conditions under which those powers may be limited or revoked, such as the principal's loss of mental capacity. Its core function is to ensure that only competent and authorized individuals can make binding decisions, thereby protecting the interests of the principal and preventing unauthorized or invalid actions.
POWERS OF ATTORNEY AND COMPETENCE LIMITS. 4.1. Upon opening the account / accounts, the Holder is bound to fill in the signature file with its own signature specimen and, as the case may be, with the surname, first name, identification data, signature specimens and representation limits granted to the persons Authorized to represent the account holder and to order transactions on behalf of and for its account.
4.2. If upon opening the account, and upon subsequent empowerment by the Holder under the above- mentioned point 4.1, paragraph 2, the authorized Person is not present to submit the signature specimen in front of the Holder and of the Bank employee, the Holder shall indicate in the Application/authorized signature file the authorized Person’s identification data and competence limits, and the authorized person shall submit the signature specimen before performing the first transaction.
4.3. The signature specimen of each Person authorized to operate the account shall be completed in the presence of a Bank employee from the unit where the
4.4. Except for the provision under section 4.5, the Bank shall perform any transaction only under the signature specimens from the Authorized signatures file. The Bank shall not be liable for the authenticity of the signatures applied on the documents and on the payment instructions submitted to the Bank. The Bank shall consider that the signatures are authentic as long as they have an appearance of conformity with those from the Authorized signatures file.
4.5. In exceptional cases, the Bank may accept cash withdrawals from the Holder’s account also by third parties authorized by the Account, under a special mandate granted for such operations the Bank reserving the right to refuse to perform the operation.
4.6. The Customer is obligated to previously inform the Bank on any restrictions, competence limitations or conditions regarding the Authorized persons. In the absence of such information, the Bank shall consider that the Authorized persons are fully and separately entitled to issue orders on behalf of and for the account of the Customer. The revocation, modification of limits or replacement of the authorized person (s) may be performed by the holder by any of the methods provided in this Contract for granting the power of attorney.
4.7. Any power of representation granted by the Customer and/or order received by the Bank from the Customer, and the subsequent modifications thereof, shall be considered valid until their written revocation, even in the ca...
POWERS OF ATTORNEY AND COMPETENCE LIMITS. 4.1. Except for the account opened online, upon opening the account / accounts, the Holder is bound to fill in the authorized signature file with its own signature specimen and, as the case may be, with the surname, first name, identification data, signature specimens and the rights granted to the persons Authorized under the power of attorney to represent the account holder and to order transactions on behalf of and for its account.
4.2. If upon opening the account, and upon subsequent empowerment by the Holder under the above-mentioned point 4.1, paragraph 2, the authorized Person is not present to submit the signature specimen in front of the Holder and of the Bank employee, the Holder shall indicate in the Application/authorized signature file the authorized Person’s identification data and competence limits, and the authorized person shall submit the signature specimen before performing the first transaction.
4.3. The signature specimen of each Person authorized to operate the account shall be completed in the presence of a Bank employee from the unit where the account was opened, or it shall be authenticated at a notary public office or by diplomatic missions or by consular offices of Romania and as a case may be according to the legislation in force (if necessary, also supra-notarized/apostilled).
4.4. Except for the provision under section 4.5, the Bank shall perform any transaction only under the signature
4.5. In exceptional cases, the Bank may accept cash withdrawals from the Holder’s account also by third parties authorized by the Account, under a special mandate granted for such operations the Bank reserving the right to refuse to perform the operation.
4.6. The Customer is obligated to previously inform the Bank on any restrictions, competence limitations or conditions regarding the Authorized persons. In the absence of such information, the Bank shall consider that the Authorized persons are fully and separately entitled to issue orders on behalf of and for the account of the Customer. The revocation, modification of limits or replacement of the authorized person (s) may be performed by the holder by any of the methods provided in this Contract for granting the power of attorney.
4.7. Any power of representation granted by the Customer and/or order received by the Bank from the Customer, and the subsequent modifications thereof, shall be considered valid until their written revocation, even in the cases in which such revocations/modification...