A citizen or a legal entity may grant other another person authority to perform certain legal actions on his or her behalf, in accordance with law or on the basis of an appropriate authorization. The appointed representative, or “Agent”, has a duty to perform the designated activity on behalf of the entrusting party, the “Principal” within the authority delegated by the Principal, and the rights and obligations that arise from it belong only to the Principal.
Agent or representative of this kind may be a citizen or legal entity with full, partial, or limited civil law capability.
A written authorization must comply with certain legal requirements. A written authorization not meeting these requirements shall be invalid:
- be signed by principal, and legal entity’s authorization shall be signed by executive and attached with chops or seal on it;
- authorization entitling to receive, or transfer, or administer juristic person’s assets shall be signed by the accountant beside executive;
- issued date shall be indicated;
- if provided by law, it should be certified by notary;
- if authorization was issued for certain period of time, the duration should be indicated.
Authorization shall be issued for a specific period of time or without a certain time. The power of authorization issued for a certain period of time must be no more than three years, authorization issued without a specified time shall be valid for up to one year period from the date of issuance.