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

284 SECRETARIAL PRACTICE was done by him. The act must, therefore, be one which at that date was both lawful in itself and within the capacity of the principal. It must also be an act which is done by the agent on behalf of his principal and not on his own behalf [Keighley Maxsted & Co v. Durant (1901) A.C. 24]. Powers Where the power, though not expressed to be irrevocable, is Coupled with coupled with an interest, it cannot be recalled until that Interest. interest has been satisfied or abandoned. But it must be clear that the interest—if it is to keep alive a power which would otherwise be revocable—must be in the subject matter of the power itself; the power and the interest must be united in the same person. The power must be given to secure some claims of the attorney [Frith v. Frith (1906), A.C. 254]; a power would not be irrevocable under this doctrine merely because the attorney happened to have some lien upon the estate in respect of which the power was granted [Taplin v. Florence (1851), 10 C.B. 744]. For example, a commission payable to an agent for collecting debts is not such an interest in the power as to make the appointment of the agent irrevoc- able [Doward Dickson & Co. v. Williams & Co. (1890), 6 T.L.R. 316]. On the other hand an underwriting letter given for valuable consideration and authorizing an application for shares to be made in the name of the signatory, is an authority coupled with an interest within the meaning of the rule [re Carmichael (1896), 2 Ch. 643 and re Olympic Reinsurance Co. (1920), 2 Ch. 341]. Should the authority be but partly exercised when re- vocation takes place, the position is that the revocation will be effective as to the part of the authority which has not been executed, but not as to the part already executed, if the authority permits such a distinction. Performance can, therefore, be enforced of a transaction in respect of which the attorney and the third party have entered into a binding contract before the death of the principal. But a third party must not allow an attorney, after notice of the donor’s death, to continue to carry out transactions of a nature similar to those already carried out under the power, on the plea that the transactions after the donor’s death are but part of a con- tinuous series, constituting in reality the execution of but one uniform commission. Where, for instance, a stockbroker, having a continuation account with a client, instead of closing the account on the death of the client, enters at once on his own authority into a fresh continuation and ultimately makes a sale of the securities at a loss, he has been held liable for the loss incurred [re Overweg, Haas v. Durant (1900), 1 Ch. 209]. Powers Partly Exercised.

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