The Irrevocable Power Of Attorney As A Way Of Performance Of A Shareholders Agreement

Abstract

In the article the author investigates the concept of irrevocable power of attorney, its form and order of its commission. It is established that the ground for an irrevocable power of attorney in corporate sphere has to be a shareholders agreement. The features of the irrevocable power of attorney are that it should state that it is irrevocable; its form has to be only notarized, and it can not be withdrawn at any time and under any circumstances at the initiative of the principal and has a limited number of grounds for cancellation. In the article the author gives a list of features of irrevocable power of attorney. Also the author argues that this type of power of attorney is not characterized by a sign of fiduciary, which is inherent in traditional power of attorney. After examining the legal nature of the irrevocable power of attorney and conducting a comparative legal analysis of means of obligation fulfillment, the author concluded that such a power of attorney is not a way of ensuring the fulfillment of the obligation, but is a way of its implementation