How to manage Legal Powers

Overview

ORCA enables you to track all legal powers across your entities, including:

Power of Attorney

Signatory Rights

Fiduciary Rights

Different types of legal powers

Power of Attorney

A legal document that authorises someone to act on behalf of another person for legal or financial matters.

Specify whether someone has a General PoA or a Limited PoA.

Signatory Rights

The authority given to an individual to sign documents and make decisions on behalf of a company or organisation.

Specify whether someone has individual or collective Signatory Rights.

Fiduciary Rights

The legal authority given to a fiduciary to manage and make decisions regarding someone else's assets, such as in the case of a trustee or executor of an estate.

Specify whether someone has a General or a Limited Fiduciary Rights.

Adding legal powers in ORCA typically involves three parties:

The person or legal entity that provided PoA or signatory rights;

The person or legal entity that was given PoA or signatory rights;

The legal entity or asset (bank account) that is involved in it.

Example: (Individual) Signatory Rights for a legal entity

Richard gave Peter signatory rights for FinBit. However, Richard is still individually authorized to sign certain legal papers.

Example: (Collective) Signatory Rights for a cash account

NCC Inc owns a bank account and has given collective signatory rights to the PropTechFund.

Example: (Limited) Fiduciary Rights for a legal entity

Peter was given fiduciary rights for the FinBit company by the Fintech Fund.