Bill: Draft Modern Power Of Attorney Act

[Scassany]

A
BILL
To

Modernize the Power of Attorney Act​

The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment

(1) This Act may be cited as the 'Modern Power of Attorney Act.'

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Representative Scassany.

(4) This Act has been co-sponsored by Representative Anthony_Org.

2 - Reasons
(1) The original Power of Attorney Act is slightly out of date with modern business law
(2) The law should be re-written to improve readability and clarity
(2) To repeal the Power of Attorney Act


3 - Definitions
(1) The Grantor is defined as the original owner and controller of all assets.
(2) The Agent is defined as the citizen, trusted by the Grantor, to manage the Grantor's assets.
(3) Assets as referenced in this act shall be limited to the following:
(a) Property
(b) Cash, including in any financial institutions
(c) Stock
(d) Owned Businesses
(4) Absence as referenced in this act is defined as a specified arbitrary period of time where the Grantor entrusts their assets to the Agent

4 - Process
(1) At any time, the Grantor may appoint, change, or remove an Agent to manage their assets during their absence.
(a) A Grantor may only have one Agent to manage their assets at any given time.
(b) In the event of any actions taken with regards to the selection of an Agent cause significant negative impact on the server economy, the appointment or removal will not take effect.
(c) Agents may only be appointed with the consent of the Agent
(2) The appointment, change, or removal of an Agent or duration of absence be extended, it must be submitted through a server support ticket.
(3) Should an absence need to be extended, the existing agent must be consulted and consent before taking effect.
(4) At the end of the Grantor's absence, all assets entrusted to the Agent will be returned.

5 - Agent Actions
(1) An Agent may take any action on the assets entrusted to them, including but not limited to:
(a) The purchase and sale of any Property
(b) Placing any votes through voting shares owned by the Grantor
(c) Purchase and Sale of any Stock
(d) Proper use of any funds owned by the Grantor personally, or through any business the Grantor has the ability to legally use funds.
(e) Taking any action on the businesses the Grantor has exclusive control over.
(i) Dissolving a company requires the Agent to contact the Grantor for consent.
(ii) Should a Grantor not respond in 7 days, the Agent may dissolve the company if it is in the best interest of the Grantor.
(2) Actions taken by the Agent are to be done in the best interest of the Grantor.

6 - Repeals
(1) The Power of Attorney Act is repealed, with any existing Power of Attorney agreements being immediately transitioned to this act.