Cayman Counsel Series: Powers Of Attorneys - Execution Formalities

A power of attorney is a document by which the donor gives the attorney the power to act on behalf of and in the name of the donor. This potentially broad authority led to a requirement for particular execution formalities under English and Cayman law. This note provides brief answers to the most common questions that arise in relation to Cayman powers of attorney.

1. What are the execution requirements for a Cayman law governed document containing a PoA?

1. Execution by individual: document must be expressed to be executed as a deed and signed by the donor. Signature must be witnessed.
2. Execution by Cayman company: document must be executed either (i) by affixing to it the company's seal (in accordance with its articles of association) or (ii) by having it executed by the company by any person acting under the company's express or implied authority and ensuring that it is expressed to be executed as a deed. Signature need not be witnessed (unless required