Monday, August 24, 2009
Power of Attorney in Egypt
POA Power of Attorney are quite popular in Egypt.
It is a legally drawn up document allowing another person to handle your affairs and act as your advocate.
Banks have separate POA documents which do not have to be done outside of the banking system.
To do a POA for someone to act as your advocate for the bank you simply tell your bank and fill in the relevant form, with both yours and the POA signature on it.
This POA will then allow the advocate full powers to deal with your bank and that includes removing monies from your account.
A POA does not need your signature to remove or deposit monies, or handle investment certificates. It is not like a joint account where both signatures are required. That persons signature is all that is required.
The only thing that a POA cannot do is close an account. That has to be done by the account holder in person.
So in effect a POA can clear your account and cash in investment certificates without your knowledge.
This is done at a Public Notary Office/ Al Shahre Al Akari/ الشهر العقاري
It is not a lawyers office as such.
Each office has a Government Official licensed to 'frank' documents with the official government stamp.
In this office you can specify exactly what you want your advocate to do.
You can make them a general POA which literally gives them the right to completely control your affairs, buy, sell, or exchange your property.
A (specific) POA will only allow what is specified on the document. So you can for instance allow an advocate to represent you in dealings, sell an item, act on your behalf for a limited period or for one specific duty or transaction.
To make a POA, both parties must attend the Notary Office and must present their id.
A POA General document is completed with deleted sections initialed and must specify exactly what powers you are handing over to the advocate.
Both parties sign in agreement and the Government Clerk will 'frank' it with the official stamp making them your POA.
This is also the office where you can register a book as your own work, register a valuable as yours if you have proof, register a sale of land between two parties.
The cost of a General POA currently costs 55le.
POA's for cars, land, valuables vary in price.
Once the POA is completed it is entered into the system and the previous owners contract is initialed and entered into the system as henceforth defunct.
Lawyers are NOT required to do a POA.
POA are easily done between seller and buyer with no need for a Lawyer.
Non Arabic speakers require a trusted Translator to translate the document as it is not in English.