16Effect of irrevocable powers of attorney

16 Effect of irrevocable powers of attorney

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.

s 16: Am 2004 No 86, Sch 2.1; 2009 No 49, Sch 2.46 [2].