Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXI. Powers of attorney

Collection:: Economics Books

POWERS OF ATTORNEY 283 transaction already binding on the principal and not involving the passing of any interest vested in the trustee in bankruptcy [Markwick v. Hardingham (1880), 15 Ch. D. 339]; and this rule is also without prejudice to the rights conferred on third parties by ss. 40 to 47 of the Bankruptcy Act, 1914, in respect of transactions entered into bona fide and without notice of an act of bankruptcy. By s. 22 of the last-mentioned statute a bankrupt is bound to execute such powers of attorney as may be reasonably required by the Official Receiver or the trustee in bankruptcy, or as may be prescribed by the Bank- ruptcy Rules or directed by the Court, in order to effect the due administration of his estate; and by s. 55 (4) a trustee in bankruptcy may execute any power of attorney for the purpose of carrying into effect the provisions of the Act. Where a company has given a power of attorney, liquida- Liquidation tion has apparently at common law the same effect as the of Donor bankruptcy of an individual donor, i.e. it revokes the power Bompazy. [re Oriental Bank (1885), 28 C.D. 634; and as to dissolution of a company, see Salton v. New Beeston Cycle Co. (1900), 1 Ch. 43]. There is, however, the same statutory protection as in the case of bankruptcy; for bys. 205 of the Law of Property Act, 1925, the expression ‘bankruptcy’ in ss. 124, 126, and 127 includes liquidation. A liquidator has power to appoint an agent to do any business which he is unable to do himself [Companies Act, 1929, s. 191 (2)]. [t is probably still an open question whether bankruptcy of the attorney automatically revokes the power. There are dicta to this effect, as in the old case of Hudson v. Granger (1821), 5 B. & A. 27 relating to a factor. On the other hand, it was held in McCall v. Australian Meat Co. (1870), 19 W.R. 188, in relation to an agency contract, that it was a question of fact in each case whether the circumstances of the bank- ruptcy, having regard to the nature of the agent’s duties and the terms of his employment, were such as to render the agent unfit to carry out his agency. Possibly the only safe course for the principal to take on hearing of his attorney’s bankruptcy is to execute an express revocation of the power, without prejudice to any prior revoca tion which may have arisen by operation of law. Ratification of an unauthorized act may be given expressly Ratification. in writing or verbally, or may be implied either by some adoptive act or by silent acquiescence after knowledge of the irregularity. The effect of ratification is thrown back to the date of the act done, and the agent is put in the same position as if he had had authority to do the act at the time the act

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