May 12, 2020. In some cases, two individuals may be named as co-agents or successor co-agents under a power of attorney. Generally, it is the duty of those co-agents to work together for the principal's best interests.
If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.
Co-agent. An institution appointed by the issuer as co-transfer agent accepts and transfers certificates and sends daily activity journals to the primary record-keeping agent.
You can appoint just 1 attorney, or more than 1 attorney, to act: "jointly" – they must always make decisions together. "jointly and severally" – they have to make some decisions together and some individually.
Generally speaking, while it is good to include your spouse or siblings, consider the fact that they may not be around or have the inclination to sort out your wishes when the time comes. If possible, include two attorneys as standard and a third as a back-up should one of the attorneys not be able to act.
Sub-Agent is a person employed by the original Agent on the other hand substituted or Co-Agent is one who is named by the Agent for performing such part of the business of the agency as is entrusted to him.
Section 202 of the Act states that if the agent in a principal-agent relationship has an interest in the agency then, the power of attorney cannot be revoked without the consent of the agent.
Section 194 of the Indian Contract Act, 1872 defines a substituted agent as the person nominated by the original agent with the knowledge and consent of the principal to work in the business of the agency for some particular part of the business.