Authority letter/ poa
shyam lal
(Querist) 13 December 2022
This query is : Resolved
As per MoU of family settlement in respect to immovable property out of the three share holders.. two share holders want to issue a PoA to person who can find a buyer of their collective shares without the consent of the third share holder on as it is where it is legal position.
Query is this legal?
kavksatyanarayana
(Expert) 13 December 2022
Very wonderful sir. Generally, we won't like to give replies to academic queries. But we are giving you the replies to your queries as they are interesting. When there are three shareholders, only two cannot give a POA to a person who is not another co-sharer.
shyam lal
(Querist) 14 December 2022
Expert Kavksatya. ref to your reply.
26 September 2022 In an MOU settlement, if each person is given a share, it may be treated as his/her self-acquired property (movable).
As per your earlier reply why POA now can not be given.
This is not academic question.. Replies are confusing.
kavksatyanarayana
(Expert) 14 December 2022
What are the terms and conditions of MOU settlement and who executed this?
shyam lal
(Querist) 14 December 2022
Very simple terms. division of share of immovable property as per the MOU dictated by the mother and signed along with adult siblings son 50% share & two daughters.. 25%each (husband deceased)
kavksatyanarayana
(Expert) 14 December 2022
Is the MOU registered? If so then the two shareholders can give a POA to another person.
shyam lal
(Querist) 15 December 2022
Expert Kavksatya.. What happens to your reply 'Very wonderful sir. Generally, we won't like to give replies to academic queries. But we are giving you the replies to your queries as they are interesting. When there are three shareholders, only two cannot give a POA to a person who is not another co-sharer.:
kavksatyanarayana
(Expert) 15 December 2022
I replied and it is above your query. It is my opinion. let us wait until someone may express their views.
P. Venu
(Expert) 16 December 2022
Joint holders can execute conveyance for their undivided share as provided under Section 44 of the Transfer of Property Act -
"44. Transfer by one co-owner.—Where one of two or more co-owners of immoveable property legally competent in that behalf transfers his share of such property or any interest therein, the transferee acquires as to such share or interest, and so far as is necessary to give, effect to the transfer, the transferor's right to joint possession or other common or part enjoyment of the property, and to enforce a partition of the same, but subject to the conditions and liabilities affecting, at the date of the transfer, the share or interest so transferred.
"Where the transferee of a share of a dwelling-house belonging to an undivided family is not a member of the family, nothing in this section shall be deemed to entitle him to joint possession or other common or part enjoyment of the house."
However sale through PoA does not confer valid title to the buyer in view of the Rule laid down by the Supreme Court in Suraj Lamp Industries as is discussed under the thread https://www.lawyersclubindia.com/experts/sale-of-property-share--746116.asp
