POWERS OF ATTORNEY

28

Still greater security is afforded under the powers covered
by ss. 126-127 (1) of the Law of Property Act, 1925, which
provide as follows :—

A. If a power of attorney is given for valuable con-
sideration and is in the instrument creating the
power expressed to be irrevocable Is 125],
or
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 therein specified not exceedinr; one year
from the date of the iustrument "

then in favour of a purchaser!

(i) The power shall not be revoked, at any time (or
in case B during the fixed time) either by anything
done by the donor of the power without the con-
currence of the donee of the power, or by the
death, disability, or bankruptcy of the donor of
the power; and—

Any act done at any time (or in case B within the
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 of the power, or the death, disability,
or bankruptcy of the donor of the power had not
been done or happened; and—

Neither the donee of the power, nor the purchaser,
shall at any time be prejudicially affected by notice
of anything done by the donor of the power with-
out the concurrence of the donee of the power,
or of the death, disability, or bankruptcy of the donor
of the power at any time (or in case B within the
fixed time).

If a power has been made irrevocable under s. 127, then
(unless the context otherwise requires) it does not lapse on
the expiration of the fixed period, but continues to operate
in the same way as if it had not been made irrevocable for
any fixed period.

> J

Powers given
for valuable
considera-
tion or made
irrevocable
for not ex-
ceeding one
vear.

! ‘Purchaser’ means a purchaser in good faith for valuable con-
sideration, and includes a lessee, mortgagee or other person who for
valuable consideration acquires an interest in property, and where the
context so requires includes an intending purchaser; ‘valuable con-
sideration’ includes marriage, but does not include a nominal con-
sideration in money; and ‘property’ includes any thing in action
and any interest in real or personal property (s. 205).