Q: I want to take a cafeteria on lease agreement from the owner. The owner will make a special power of attorney in my name for 2 years for running the cafeteria. Can I access the bank account… A: If the PoA gives you the power to access the bank account, then you can access the same…

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Business investment pursuant to a POA from the owner

Hi,

I am working in a private company as an engineer, I want to take a cafeteria on lease agreement from the owner.

The owner will make a special power of attorney in my name for 2 years for running the cafeteria. Also, he will provide me with the bank account, atm, online username...etc.

My question is:

1. Do I require NOC from my company to make POA?

2. Can I access the bank account if the owner grants me the POA although my name is not in the trade license?

3. After the POA, can I be a signing authority in the bank?

Rajasree Ravivarma

Al Nassar Advocates & Legal Consultants

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15 Oct 2018, 07:04

Dear Questioner,

Please note that you may not require NOC from the employer in this case.

Secondly, if the PoA gives you the power to access the bank account, then you can access the same.

If the owner proposes to make you an authorised signatory in the bank, then you can have that right too.

15 Oct 2018, 07:10

Thanks for the reply. One more question:

If the owner grants the POA to access the account & make me a signing authority, then if the owner takes any loan from the bank or gives any cheque on the account, will I be held liable for that?

15 Oct 2018, 07:21

No, you will not be liable for the same, as the owner will give the cheque to the bank.

Only he will be liable for the same.

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