Power of Attorney: share sale
Power of Attorney from a selling shareholder in a share sale transaction
What is a closing power of attorney?
Following the closing of a share sale transaction, the seller will remain the registered owner of the shares which have been sold until the buyer has paid the necessary stamp duty. This process can take a number of weeks. The transfer of the sale shares cannot be registered in the register of members of the target company until the stamp duty has been paid.
The buyer will want to be able to exercise all the rights as the owner of the sale shares notwithstanding that the seller remains the registered legal owner of the sale shares. To enable the buyer to do this, the buyer will usually require that the seller grants a power of attorney in favour of the buyer which enables the buyer to exercise the legal rights of ownership of the sale shares.
About this document
This document is a power of attorney from a selling shareholder in favour of the buyer, to enable the buyer to exercise all rights of ownership of the sale shares pending the payment of the necessary stamp duty to HMRC and the registration of the sale shares in the name of the buyer.
- Power of Attorney executed as a Deed
- Appointment by the selling shareholder of the buyer as its attorney
- Grant of authority to the buyer to exercise all rights as the legal owner of the sale shares
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