• New York State Assembly Passes Power of Attorney Technical Correction Bill: Implications for Funds and Fund Managers
  • April 22, 2010 | Authors: Menachem Farber; David W. Selden
  • Law Firm: Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office
  • The New York State Assembly recently passed a bill intended to clarify the application of New York's Power of Attorney (“POA”) law,1 which was revised in significant respects on September 1, 2009. The Assembly bill amends the POA law to specifically exclude POAs granted primarily for business or commercial purposes and, if passed by the Senate and enacted into law, should eliminate most (if not all) effects that the September 1, 2009 changes to the law arguably had on POAs typically included in hedge fund and private equity fund subscription, partnership and other agreements. The bill would have retroactive effect to September 1, 2009.