POWER OF ATTORNEY
(Made pursuant to the Conveyancing Act 1881, the Property and Conveyancing Law, the Land Instruments Registration Law and the Illiterates Protection Law where applicable)
THIS POWER OF ATTORNEY is made this ________.
BY ME, ________, holder of means of identification number ________, of the following address:
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(hereinafter referred to as “the Donor”, which expression shall where the context so admits include the Donor’s heirs, successors-in-title, personal representatives and assigns).
WHEREAS the Donor is desirous of appointing a lawful attorney to act for and on the Donor’s behalf in the matters hereinafter set out:
NOW THIS DEED WITNESSETH as follows:
§1. APPOINTMENT
1.1 The Donor hereby nominates, constitutes and appoints ________, holder of means of identification number ________, of the following address:
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1.2 (hereinafter referred to as “the Donee”, which expression shall where the context so admits include the Donee’s successors-in-title and assigns) to be the Donor’s true and lawful Attorney.
§2. COMMENCEMENT
2.1 This Power of Attorney shall take effect from ________ and shall continue in full force and effect subject to the provisions of this Deed.
§3. POWERS GRANTED
3.1 The Donor hereby grants to the Donee the general authority to do, execute and perform all such acts, deeds and things as the Donor could lawfully do in relation to the matters and powers conferred herein, including but not limited to the following:
3.1.1 ________;
3.1.2 to manage, administer, let, demise, sell, mortgage, charge or otherwise deal with the property and assets specified in the Schedule hereto in accordance with the lawful instructions of the Donor;
3.1.3 to operate, instruct and give directions in respect of bank accounts maintained in the name of the Donor with ________;
3.1.4 to commence, prosecute, defend, compromise or discontinue any legal proceedings on behalf of and in the name of the Donor;
3.1.5 to sign, execute, deliver and register all instruments, documents and deeds necessary or incidental to the exercise of the powers herein conferred;
3.1.6 to appoint and engage agents, professionals and advisers and to pay reasonable fees and disbursements in connection therewith.
3.2 The Donee shall not exercise any power herein in a manner that is unlawful or contrary to the lawful and reasonable instructions of the Donor.
§4. DUTIES AND OBLIGATIONS OF THE DONEE
4.1 Acting in the utmost good faith (uberrimae fidei) and in the best interest of the Donor at all times.
4.2 Keeping proper accounts and records of all transactions carried out on behalf of the Donor and rendering same to the Donor upon request.
4.3 Avoiding any conflict of interest between the personal interest of the Donee and the interest of the Donor, and not secretly profiting from the exercise of the powers conferred herein.
4.4 Acting with competence, skill and diligence.
4.5 Holding all monies, property and assets received by the Donee on behalf of the Donor in trust for the Donor and promptly accounting for same.
§5. IRREVOCABILITY AND DURATION
5.1 The Donor hereby further declares that this Power of Attorney shall be irrevocable for a period of ________ months from the effective date stated in §2.1, in consideration of the valuable consideration acknowledged herein, in accordance with Section 8 of the Conveyancing Act 1881 and Section 143 of the Property and Conveyancing Law.
5.2 Upon the expiration of the irrevocable period, this Power of Attorney may be revoked by the Donor by written notice delivered to the Donee, and shall otherwise determine upon the death, bankruptcy or unsoundness of mind of the Donor, save as protected by law in favour of third parties acting in good faith.
§6. INDEMNITY
6.1 The Donor undertakes to ratify and confirm all lawful acts done by the Donee in the bona fide exercise of the powers conferred herein, and to keep the Donee indemnified against all liabilities, costs and expenses properly incurred in the exercise of such powers.
§7. STAMPING AND REGISTRATION
7.1 This Power of Attorney shall be stamped in accordance with the Stamp Duties Act and, where it relates to land or registrable interests, registered as an instrument at the appropriate Lands Registry at ________.
§8. GOVERNING LAW
8.1 This Power of Attorney shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and the courts of ________ shall have jurisdiction over any dispute arising herefrom.
IN WITNESS WHEREOF the Donor has executed this Deed in the manner hereinafter appearing the day and year first above written.
SIGNED, SEALED AND DELIVERED by the within-named Donor:
Name: ________
Signature: ...................................................................................................................
Date: ________
In the presence of:
Name: ________
Address: ________
Occupation: ________
Signature: ...................................................................................................................
NOTARIAL ACKNOWLEDGEMENT
I, ________, a Notary Public for Nigeria, do hereby certify that the within-named Donor, having appeared before me this day and being known to me (or duly identified), acknowledged the execution of the foregoing Deed to be the Donor’s free and voluntary act and deed.
IN WITNESS WHEREOF, I hereby set my hand and notarial seal on the ________ day of ________, 20________.
Notary Public Signature & Seal: ...................................................................................................................
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