Irrevocable authority legal definition of irrevocable authority
irrevocable authority certain types of agency agreement are held to be irrevocable:
- (1) authority coupled with an interest, where the underlying purpose of the agency agreement is to protect some interest of the agent;
- (2) executed authority, where the agent has commenced performance of his agency and has incurred liabilities in connection therewith for which his principal must indemnify him;
- (3) statutory authority, where there are certain statutory provisions designed to protect third parties against the effects of revocation of an agent's authority.
References in periodicals archive
The mandate gave Credit Suisse the irrevocable authority
to purchase 0.5 per cent of the outstanding common shares of Ivanhoe on the secondary market at any time for a period of 30 days, without further instruction from Rio Tinto.