Sufficient power definition

The document required by an Entity and which proves the faculties or powers of one or more natural persons to act on behalf of or on behalf of a legal person (a company) when performing certain acts before Entities is usually called sufficient or sufficient powers.

The powers of attorney must have been granted before a notary and have been registered in the Mercantile Registry through Public deed, previously. Since they will appear in said Registry, they must appear in the deed of incorporation or power of attorney that the company in question deems appropriate.

In general, the process of studying the power of attorney deeds carried out by said Credit Institutions is for which the name of beneficiary is known. The bill states the powers of attorney presented and by which the Entity can be represented.

As we can see, this procedure is more a security measure to verify that, indeed, it is correctly identified before the Credit Institution, Public administration and other Bodies the authority with which it is counted. In this way, we will prevent any other person with another name from performing acts that do not correspond to them. Additionally, the Entity will have the right (and the obligation) to update this information, to confirm that it is the person who is going to carry out the correct actions.

The documentation that the corresponding Entity may require of us may vary from one to the other. However, the documentation required to perform the enough is usually the following:

  • Proxy DNI
  • Deed of incorporation (or part in which the powers it possesses are indicated)
  • That the deed is registered in the Companies register
  • Deed where the power of attorney has been formed in favor of the attorney-in-fact, or the deed of appointment of the administrator of the company

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