A Signatory Power is an official paper drawn up simply in writing in compliance with the requirements specified in the Civil Code of Ukraine. The need to draw up it arises in many situations when a head or another authorized employee is going to be absent from the workplace for a long time. In this regard, a p signatory power allows another person to “approve” certain documents. The basic requirements for the preparation of such documents of all types are indicated in the relevant articles of the Ukrainian Civil Code.
Rules for the preparation and execution of the document
To draw up a document, you need a legal entity (organization) letterhead. In some situations, you may also need a notarial certification, for example, if you need to have the signature on a statement of state registration of various transactions witnessed. The document compilation date becomes its mandatory element, otherwise it is invalidated. It is also necessary to specify where the Signatory Power is being given (Kyiv or another locality). The document indicates the full name of the legal entity with the necessary registration data: TIN and current address.
This is followed by the position and name of the person giving the Power of Attorney, and the official papers with which the person operates (regulations, incorporation documents, etc.). The data of the person who acquires the given Signatory Power are reported in due form, according to the personal ID.
On the letterhead of the Signatory Power, the powers transferred by the grantor must be clearly specified. In this situation, they are specific documents, the right to sign which is given to an authorized employee. The latter can act only in accordance with the given powers.
Legislative features of the Signatory Power
On the letterhead, you must specify the period during which the right to sign certain papers is reserved for the employee who received the powers. Since 2013, the duration of the document validity is virtually unlimited and may be of any kind, at the discretion of the grantor. If no dates are specified, the right to sign will be valid for a year.
Another recent innovation has become the cancellation of an obligation to affix a stamp on the letterhead. Until 2013, a stamp was a mandatory element, but now only exceptions need to be followed.
The right to sign the Signatory Power on behalf of the organization has the head or another person endowed with these powers in accordance with the legislative or constituent documents. It is desirable for the Signatory Power to contain a sample of the signature of the person vested with powers, as well as the presence or absence of other persons' powers to use this Signatory Power (sub-authorization).
Termination of the Signatory Power takes place upon the expiration of the period specified; at the request of the person who issued it; upon refusal to exercise powers by the person to whom they were given; in case of termination of activity or bankruptcy of the legal entity that gave the power; upon the death or incapacity of the person vested with authority over the document.