POWERS OF ATTORNEY ACT 2003 - SECT 16 Effect of irrevocable powers of attorney

POWERS OF ATTORNEY ACT 2003 - SECT 16

16 Effect of irrevocable powers of attorney

(cf 1919 No 6, s 160 (1))

(1) The power conferred by an irrevocable power of attorney is not revoked or otherwise terminated by, and remains effective despite, the occurrence of any of the following:

(a) anything done by the principal without the concurrence of the attorney,

(b) the bankruptcy of the principal,

(c) the mental incapacity of the principal,

(d) the principal becoming a mentally incapacitated person,

(d1) the principal becoming a person who is a managed missing person within the meaning of the NSW Trustee and Guardian Act 2009 ,

(e) the death of the principal,

(f) if the principal is a corporation, the dissolution of the corporation.

(2) Subsection (1) has effect except to the extent that the instrument creating the irrevocable power of attorney provides otherwise.

Note : Division 2 of Part 5 enables the Supreme Court to order the termination of an irrevocable power of attorney in certain circumstances.