Powers of Attorney Act, 1996
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Protection of transferee under stock exchange transaction. |
19.—(1) Without prejudice to section 18 , where— | |
(a) the donee of a power of attorney executes, as transferor, an instrument transferring registered securities, and | ||
(b) the instrument is executed for the purposes of a stock exchange transaction, | ||
it shall be presumed in favour of the transferee unless the contrary is shown that the power had not been revoked at the date of the instrument if a statutory declaration to that effect is made by the donee of the power on or within three months after that date. | ||
(2) In this section “registered securities” and “stock exchange transaction” have the same meanings as in the Stock Transfer Act, 1963 . |