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I have enduring power of attorney for both of my parents. My parents are 50% shareholders of a company (which comprises only one commercial property in the city). They would like me to set up a Netbank account on their behalf so as to have access to the bank account were the tennants rent money goes each month. The other shareholders (who are also the accountants for the company) have denied us access to this and say that if we want to peruse the account we must attend their office with an appointment and peruse the information there. As major shareholders should my parents be able to demand access to account details so as to set up a Netbank account from home. My parents are both elderly and unwell, which is why they have given me power of attorney. This is what the other shareholders said in their e-mail to me "we have decided that you are welcome to come into our office and view the account at any time with an appointment.We don’t believe it is commercial for you to have access to the account online." What does "we don't believe it is commercial" mean?
Optional Information: State/Country relating to question: Australia Already Tried: Have asked them twice, but have not sought any other legal advice as yet.
Good MorningWhat do you mean the other shareholders have denied you access to this?They cannot stop you opening an account for your parents.What account do they want access too?The account you wish to view, what account is it and what do you wish to do with it?
The account we wish to access is the account where the rent money from the tennants is deposited. What my parents want is for me to have access to this account on their behalf via internet (ie. Netbank). We don't need to open a new account but just want internet access to that account so as to peruse from time to time. They are telling us that we cannot have internet access to this account, but we can go to their office and view the account there by appointment. My father and the other two shareholders (who are denying us internet access) are all Directors of the company.
Good AfternoonAs shareholders they cannot access that account it is not theirs. It belongs ot the company and only the directors can access it. They have a right under the Corporations Act to see the account records at the registered address of the company only. They are correct in what they are telling you. Your power of attorney does not allow you to act in your fathers capacity as a Director. Only in his capacity as a shareholder. To act as the attorney of a dircetor the power of attorney has to be granted by the company not your father.I am sorry to give you bad news but what they are saying is correct.I hope this is of assistance. If you have any further questions please do not hesitate to contact me. Having answered your question I would like to explain how I am paid for my work. The rating given by you, for my answer will decide whether or not I will be paid for my work. At the end of this post you will see 5 faces asking you to rate my work. Selecting either of the 2 the unhappy faces means you are not happy with my answer and do not wish me to be paid for my work. The other 3 mean I am paid. I would prefer you rate me at the very end of our session not after each response. This way I can be sure you have an answer that assists you and you can rate the whole experience. If you want more information after I respond, or wish to have something cleared up, select "Reply so Sydney-Lawyer" or "Reply to Expert" and we can continue until you are satisfied. I am here to assist you as quickly as possible, and you rating each post will delay the process as it does not tell me what the issue is. I would prefer you ask me questions than rating the response and not providing me with further questions.
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
My father is a director of the company as well, so is he not able to have access to the account at his home via Netbank? As he is elderly and mobility is an issue, it is more convenient for him (as Director) to access this account from home.
Good Afternoon,Your father as a director, if the directors are allowed to view the account via netbank, has the right to do so.You as the power of attorney though cannot access the account because the power of attorney to allow you to act in your father's position as director has to be granted by the company not your father.All directors of the company have to sign making new power of attorney to sign on behalf of your father as director for the company.It is your father personally than most approach the directors to gain access not you.If your father permits you to access the account he may be in breach of his directors duties if they find that it has had a negative impact on the company and the other shareholders.If no directors have access to the account over the Internet then they will not approve your fathers access.Internet banking is a very dangerous way to access accounts as it becomes very difficult to ascertain who has caused the transaction is as the passwords are not specific to each director.I'm sorry but your request has been responded to correctly by the other directors.I hope this is of assistance. If you have any other questions please do not hesitate to contact me.Having answered your question I would like to explain how I am paid for my work. The rating given by you, for my answer will decide whether or not I will be paid for my work. At the end of this post you will see 5 faces asking you to rate my work. Selecting either of the 2 the unhappy faces means you are not happy with my answer and do not wish me to be paid for my work. The other 3 mean I am paid. I would prefer you rate me at the very end of our session not after each response. This way I can be sure you have an answer that assists you and you can rate the whole experience. If you want more information after I respond, or wish to have something cleared up, select "Reply so Sydney-Lawyer" or "Reply to Expert" and we can continue until you are satisfied. I am here to assist you as quickly as possible, and you rating each post will delay the process as it does not tell me what the issue is. I would prefer you ask me questions than rating the response and not providing me with further questions.
Thank you for the above information. So, as director can my father ask that copies of the said bank account statements be sent to his home?
Good AfternoonThe corporations Act states that all financial information must be kept at the registered address of the company. He can ask the Secretary/Director of the company if he can have copies and they should not have a problem with that. He cannot ask to have the bank send him copies. I hope this is of assistance. If you have any further questions please do not hesitate to contact me. Having answered your question I would like to explain how I am paid for my work. The rating given by you, for my answer will decide whether or not I will be paid for my work. At the end of this post you will see 5 faces asking you to rate my work. Selecting either of the 2 the unhappy faces means you are not happy with my answer and do not wish me to be paid for my work. The other 3 mean I am paid. I would prefer you rate me at the very end of our session not after each response. This way I can be sure you have an answer that assists you and you can rate the whole experience. If you want more information after I respond, or wish to have something cleared up, select "Reply so Sydney-Lawyer" or "Reply to Expert" and we can continue until you are satisfied. I am here to assist you as quickly as possible, and you rating each post will delay the process as it does not tell me what the issue is. I would prefer you ask me questions than rating the response and not providing me with further questions.