{"id":1492,"date":"2020-12-16T22:46:16","date_gmt":"2020-12-16T22:46:16","guid":{"rendered":"http:\/\/nz.legalvision.com.au\/?p=1492"},"modified":"2023-05-03T13:02:58","modified_gmt":"2023-05-03T00:02:58","slug":"company-power-attorney","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/","title":{"rendered":"What Is a Company Power of Attorney in New Zealand?"},"content":{"rendered":"\n<p>A company power of attorney is a legal document that allows a company to appoint an attorney to act on behalf of the company. It may help companies deal with the day-to-day management and financial affairs of the business. For example, it gives the attorney legal authority to enter into contracts on behalf of the company. This article will run through:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>what the attorney has the power to do; and&nbsp;<\/li>\n\n\n\n<li>the steps a company must take to appoint an attorney.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Attorney\u2019s Rights<\/h2>\n\n\n\n<p>In short, the attorney will have the rights that a company chooses to appoint to them. This means that the company has full control as to which matters the attorney may act upon on the company\u2019s behalf.&nbsp;<\/p>\n\n\n\n<p>The company power of attorney usually expressly sets out the range of \u201cpowers\u201d which the attorney may act on. These may be related to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>dealing with property;<\/li>\n\n\n\n<li>specific purposes or transactions (for example, negotiating and signing a particular contract); or<\/li>\n\n\n\n<li>a general power for the attorney to act and make decisions on behalf of the company.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>It may also detail the length of time for which the attorney may be able to act.<\/p>\n\n\n\n<p>The company power of attorney may give the attorney relatively broad or limited power. The company should carefully consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>who the attorney will be prior to their appointment and whether you can trust them to act in the company&#8217;s best interests; and<\/li>\n\n\n\n<li>the extent to which the company will allow the attorney to act on its behalf.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Company Constitution<\/h2>\n\n\n\n<p>In order to appoint an attorney, the company should first consult its company constitution (if it has one). The company constitution sets out the rules according to how you should run your company. If no company constitution exists, <i>Companies Act 1993 <\/i>determines the rights and obligations of shareholders and directors.\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/legalvision.co.nz\/corporations\/formalise-company-constitution\/\">The company constitution<\/a> may set out the procedure that a company needs to undertake to appoint an attorney. If this is the case, the company should follow this procedure.<\/p>\n\n\n\n<p>If the company constitution does not set out a process for appointing an attorney, or if no company constitution exists at all, the company can progress to drafting the legal document.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business 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It should set out the attorney\u2019s rights.  The company must execute it correctly.<\/p>\n\n\n\n<p>In order for the document to be valid, it must be in writing and the document must be signed by either:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>two or more directors of the company;<\/li>\n\n\n\n<li>the sole director (whose signature must be witnessed) if there is only one director of the company;<\/li>\n\n\n\n<li>a director or other person or class of persons (whose signature must be witnessed) if the company constitution allows; or<\/li>\n\n\n\n<li>an attorney the company appoints, if the company has already appointed this attorney and has the right to execute legal documents on behalf of the company relating to the appointment of a power of attorney.<\/li>\n<\/ul>\n\n\n\n<p>Unless the company constitution states otherwise, the company may appoint one or more attorneys.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When Should You Create a Company Power of Attorney?<\/h2>\n\n\n\n<p>Since powers of attorney can be very flexible, companies often use them in situations where something unpredictable occurs, which might slow down the company\u2019s processes. For instance, where a director who would normally sign documents on behalf of a company is away or ill. In that case, a power of attorney can give another person in the company the power to execute those documents instead of the absent director. Hence, the company\u2019s business can continue.<\/p>\n\n\n\n<p>Other examples where you might create a company power of attorney include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>if a director is away on holiday and is unexpectedly difficult to contact;&nbsp;<\/li>\n\n\n\n<li>in companies with one or two directors, so that another person can be on standby in case one of the directors is incapacitated for any reason; or<\/li>\n\n\n\n<li>to give a specific person authority in an area of specialty or expertise, such as property transactions or negotiations.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What Should You Consider?<\/h2>\n\n\n\n<p>The most important thing to consider is who to give the legal authority to when creating a company power of attorney. The legal powers your company grants through a power of attorney can be significant. Likewise, the decisions and acts of that person will be binding on your company. For that reason, it is essential to pick someone trustworthy and responsible, who will act in the company\u2019s best interests at all times.<\/p>\n\n\n\n<p>When a company power of attorney is limited or otherwise restricted to a specific area or responsibility, it is also important to make this clear in the document and clear to the person who will have the additional legal powers. This helps minimise the risk that the person acts outside their legal authority.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>You should draft your company power of attorney in detail, given the significance of the legal powers which the document grants a person.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Ending the Company Power of Attorney<\/h2>\n\n\n\n<p>The company should refer to its company constitution to determine whether there is a process for revoking or ending a person\u2019s appointment as an attorney. Generally, you can revoke the appointment of the power of attorney at any time.<\/p>\n\n\n\n<p>The company may also consider whether the appointment of a power of attorney will end naturally if the attorney\u2019s rights no longer apply.&nbsp;<\/p>\n\n\n\n<div class=\"box box--info box--icon\">\n<p>For example, if the attorney was only appointed for a specific transaction, and that transaction has now finalised, the attorney will no longer have the rights to act on the company\u2019s behalf for any other transaction.&nbsp;<\/p>\n<\/div>\n\n\n\n<p>Ideally, the the document should expressly state that the company may revoke the attorney\u2019s appointment at any time. Further, the company should provide written notice of the revocation. This is so it can demonstrate that the attorney\u2019s appointment has been revoked.<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28131832\/how-to-sell-your-business-guide-_-560x792-1-e1635392481928.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">How to Sell Your Business in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Looking to sell your business? This free guide will help you to understand the moving parts that impact a successful sale. <\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/guide-to-selling-your-nz-business.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>To ensure that the attorney\u2019s rights and obligations are in line with your company, speak to a lawyer when drafting your company power of attorney. The document should clearly set out the rights of an attorney and ensure that those rights do not extend to areas which the company does not wish to delegate. <\/p>\n\n\n\n<p>If you need help with drafting a company power of attorney in New Zealand, our experienced contract lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1606880228344\"><strong class=\"schema-faq-question\">What is a company power of attorney?<\/strong> <p class=\"schema-faq-answer\">A company power of attorney is a legal document that allows a company to appoint an attorney to act on its behalf. The attorney can exercise a range of powers, depending on what the power of attorney permits them to do. They may be able to enter into contracts on behalf of the company or deal with company property, for example. You should seek legal advice when drafting the document.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606880258379\"><strong class=\"schema-faq-question\">What is a company constitution?<\/strong> <p class=\"schema-faq-answer\">A company constitution sets out the rules according to which a company is run. If your company does not have a company constitution, the <em><a href=\"https:\/\/www.legislation.govt.nz\/act\/public\/1993\/0105\/latest\/whole.html\">Companies Act 1993<\/a> <\/em>determines the rights and obligations of shareholders and directors instead.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606880271477\"><strong class=\"schema-faq-question\">How do I end a company power of attorney?<\/strong> <p class=\"schema-faq-answer\">A company power of attorney may come to an end when the rights it sets out no longer apply. For example, it may end when a certain transaction is completed. Alternatively, the power of attorney should set out the process for ending an attorney\u2019s appointment.<\/p> <\/div> <\/div>\n\n\n\n\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1492\" \/>            <input value=\"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What Is a Company Power of Attorney in New Zealand?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A company power of attorney is a legal document that allows a company to appoint an attorney to act on behalf of the company. It may help companies deal with the day-to-day management and financial affairs of the business. For example, it gives the attorney legal authority to enter into contracts on behalf of the<a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/\">Continue reading <span class=\"sr-only\">&#8220;What Is a Company Power of Attorney in New Zealand?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":5822,"featured_media":875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"212988,202036,1295,1288,213469,212499","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[3],"tags":[25,178,221,222,223],"class_list":["post-1492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-contracts","tag-small-business","tag-power-of-attorney","tag-company-power-of-attorney","tag-attorney","tag-company-constitution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Company Power of Attorney in New Zealand? 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She drafts and negotiates commercial contracts, used internationally.\u00a0Kristine also assists clients with their information technology agreements.","sameAs":["http:\/\/legalvision.com.au","https:\/\/www.linkedin.com\/in\/kristinebiason\/","anthony.lieu@legalvision.com.au"],"url":"https:\/\/legalvision.co.nz\/author\/kristine\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/#faq-question-1606880228344","name":"What is a company power of attorney?","acceptedAnswer":{"@type":"Answer","text":"A company power of attorney is a legal document that allows a company to appoint an attorney to act on its behalf. The attorney can exercise a range of powers, depending on what the power of attorney permits them to do. They may be able to enter into contracts on behalf of the company or deal with company property, for example. You should seek legal advice when drafting the document.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/#faq-question-1606880258379","name":"What is a company constitution?","acceptedAnswer":{"@type":"Answer","text":"A company constitution sets out the rules according to which a company is run. If your company does not have a company constitution, the <em><a href=\"https:\/\/www.legislation.govt.nz\/act\/public\/1993\/0105\/latest\/whole.html\">Companies Act 1993<\/a> <\/em>determines the rights and obligations of shareholders and directors instead.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/company-power-attorney\/#faq-question-1606880271477","name":"How do I end a company power of attorney?","acceptedAnswer":{"@type":"Answer","text":"A company power of attorney may come to an end when the rights it sets out no longer apply. For example, it may end when a certain transaction is completed. 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