And they are best formulated in writing and fixed in the power of attorney.
According to Article 321, Part 1 of the RA Civil Code, a power of attorney is a written power of attorney that a person gives to another person to appear before third parties. However, there are transactions for which keeping a simple written power of attorney cannot be considered sufficient to validate it.
These are the transactions for which notarization is required: The power of attorney issued for the conclusion of those transactions must be notarized in the same way.
It should be noted that the power of attorney is issued for a certain period of time, the duration of which is defined by the RA Civil Code. According to the RA Civil Code, the validity period of the power of attorney cannot be more than three years. If the power of attorney does not specify a term, it shall remain in force for one year from the date of issuance.
According to Article 323, Part 1 of the RA Civil Code, the person receiving the power of attorney must personally perform the actions for which he / she is authorized. He may re-authorize their performance to another person, if he is authorized to do so by a power of attorney or, due to circumstances, he is obliged to do so in order to protect the interests of the authorizer. As for the power of attorney, it should be noted that the power of attorney must clearly state the name, surname, passport data of the authorizing person, as well as his registration and residence addresses. The same applies to an authorized person.
The power of attorney shall state the scope of powers that the proxy shall give to the authorized person, as well as the issues related to the term of the power of attorney.