25Effect of power of attorney irrevocable for fixed period

25 Effect of power of attorney irrevocable for fixed period

If a power of attorney, whether given for valuable consideration or not, is in the instrument creating the power expressed to be irrevocable for a fixed period specified in the power, not exceeding one year from the date of the instrument, the following provisions have effect in favour of a purchaser:

(a) the power is not to be revoked, for and during that fixed period, either by any thing done by the donor of the power without the concurrence of the attorney or by the death, mental incapacity, bankruptcy or insolvency of the donor;

(b) any act done within that fixed time, by the attorney under the power, is as valid as if any thing done by the donor of the power without the concurrence of the attorney had not been done or as if the death, mental incapacity, bankruptcy or insolvency of the donor had not happened;

(c) neither the attorney nor the purchaser is at any time prejudicially affected by notice, either during or after that fixed period, of any thing done by the donor of the power during that fixed period without the concurrence of the attorney or by notice of the death, mental incapacity, bankruptcy or insolvency of the donor within that fixed period.