PROPERTY LAW ACT 1969 - SECT 87
PROPERTY LAW ACT 1969 - SECT 87
87 . Power of attorney made irrevocable for fixed time
(1) Where a power of
attorney (whether executed in or out of the State, and whether given for
valuable consideration or not) is in the instrument creating the power
expressed to be irrevocable for a fixed time therein specified, not exceeding
2 years from the date of the instrument, then, in favour of a purchaser
—
(a) the
power shall not be revoked for and during that fixed time, either by anything
done by the donor of the power without the concurrence of the donee of the
power, or by the death, mental incapacity or bankruptcy of the donor; and
(b) any
act done within that fixed time by the donee of the power in pursuance of the
power shall be as valid as if anything done by the donor of the power without
the concurrence of the donee, or the death, mental incapacity or bankruptcy of
the donor had not been done or had not happened; and
(c)
neither the donee of the power nor the purchaser shall at any time be
prejudicially affected by notice, either during or after that fixed time, of
anything done by the donor of the power during that fixed time without the
concurrence of the donee, or of the death, mental incapacity or bankruptcy of
the donor within that fixed time.
(2) This section
applies to powers of attorney created by instruments executed either before or
after the coming into operation of this Act.