13Power of trustee company to act under power of attorney

13 Power of trustee company to act under power of attorney

(1)  [Section 13 Subsection (1) amended by No. 49 of 2010, s. 9, Applied:01 Jan 2011] A trustee company may act under a power of attorney by which the company is appointed attorney by a person, and all the powers conferred upon the company by a power of attorney may be exercised and carried into execution by an authorised person, or by any 2 or more of the directors, of the company.

(2)  Where a trustee company is appointed attorney by a person, the capital of the company (whether paid or unpaid capital), and all other assets of the company, are liable for the due execution of the powers so conferred upon the company.

(3)  This section does not authorize a person to confer a power upon a trustee company that cannot legally be conferred upon a natural person.