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Does Your Power Of Attorney Need To Be Replaced?
Dec 13 2011
If you own shares in a private company and you have a power of attorney that pre-dates September 1, 2011, you may need to replace your enduring power of attorney to permit your attorney to continue to hold those shares after the attorney starts to act for you.
The new Power of Attorney Act, which came into effect on September 1, 2011, restricts attorneys acting under enduring powers of attorney to only Trustee Act investments (very restrictive), unless the power of attorney provides otherwise. Please talk to your estate planning lawyer to be sure your power of attorney is in the current form.
- Andrew Brunton
- Bradley Cronquist
- Curtis Darmohray
- James Paterson
- Joni Metherell
- Matthew Kraemer
- Melodie Hope
- Rick Pushor
- Ronald Solmer
- Susan Connaghan
- Theresa Arsenault, Q.C.
- Thomas Fellhauer
- Una Gabie
- Vanessa DeDominicis
For more information, contact Theresa Arsenault at arsenault@pushormitchell.com or (250) 869-1110
These items are intended for general informational purposes only and should not be construed or relied upon as legal advice. The legal issues addressed in these items are subject to changes in the applicable law. You should always seek legal advice concerning any specific issues affecting you or your business.