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Article 168. The Term of a Power of Attorney

1. A power attorney may be issued for a term of not longer than three years. Where a longer term is indicated in a power of attorney, it shall be effective within three years, and if the effective period is not indicated therein, then it will be valid within one year from the date of the issue.

2. A power of attorney shall be invalid, if it has not the date of its issue.

Article 169. Re-Assignment

1. A trustee must personally enter into the actions to which he is authorised. He may re-assign their commitment to any other person only in the case where he is authorised thereto by the power of attorney received or is compelled to do that by virtue of circumstances for the protection of the interests of the trustor.

2. A power of attorney in which the trustee conveys the powers to any other person must be notarised, except for the cases stipulated in paragraph 4 of Article 167 of this Code.

3. The term of validity of a power of attorney which is issued for re-assignment may not exceed the term of effect of the original power of attorney on the basis of which it was issued.

4. The trustee who re-assigned the powers to any other person must immediately notify of that the nominator and to communicate to him the necessary information concerning that person and his place of residence. The failure to comply with this duty shall impose on the trustee the liability for the actions the person to whom he re-assigned the powers, as for his own.

Article 170. Cessation of a Power of Attorney

1. The effect of a power of attorney shall cease as a result of the following:

1) expiry of the term of the power of attorney;

2) completion of the actions provided for by the power of attorney;

3) annulment of the power of attorney by the person who issued it;

4) the refusal of the person to whom the power of a attorney is issued;

5) the cessation of the legal entity on whose behalf the power of attorney was issued;

6) liquidation of the legal entity on whose behalf the power of attorney was issued;

7) the demise of the person who issued the power of attorney, or the recognition of him as incapable, of limited capability or missing;

8) the demise of the citizen to whom the power of attorney is issued, or the recognition of him as incapable, of limited capability or missing.

2. The person who issued a power of attorney may at any time annul the power of attorney or the re-assignment, and the person to whom the power of attorney is issued may relinquish it. An agreement to wave this right shall be invalid.

Article 171. The Consequences of Terminating a Power of Attorney

1. The trustor shall be obliged to notify about the termination of a power of attorney (Article 170 of this Code) the person to whom the power of attorney is issued, and also third parties known to him, for representation to whom the power of attorney was issued. The same obligation shall rest with the legal successor of a person who issued the power of attorney in the cases of its cessation on the bases indicated in paragraphs 5 and 7 of Article 170 of this Code.

2. The rights and obligations which arise as a result of the actions of a person to whom the power of attorney is issued prior to the time when this person learned or should have learned of its cessation, shall remain valid for the one who issued the power of attorney and his legal successors with regard to third parties. This rule shall not apply if the third party knew or should have known that the effect of the power of attorney ceased.

3. Upon the cessation of the power of attorney the person to whom it was issued or his legal successor must immediately return the power of attorney.

4. With the cessation of the power of attorney the conveyance of the powers associated with that power of attorney to the other person (re-assignment) shall lose force.

Chapter 6. Calculation of Periods

Article 172. Determining Periods

1. A term which is established by legislation, or transaction or is appointed by the court, shall be determined by a calendar date or an indication of an event which must inevitably take place.

2. A term may be established also as a period of time which is calculated by years, months, weeks, days or hours.

Article 173. The Beginning of the Term which is Determined by

Period of Time

The course of a term which is determined by a period of time shall begin on the next day after the calendar date or the arrival of the event which determines its beginning.

Article 174. The Expiry of the Term Determined by Period of Time

1. A term which is measured by years shall expire in the corresponding month, and on the date of the last year of the term.

The rules which are used for the terms measured by months shall apply to a term which is measured by one half a year.

2. The rules which are used for the terms measured by months shall apply to the term which is measured by quarters of year. In this respect, a quarter shall be deemed to be equal to three months and the calculation of quarters shall be from the beginning of year.

3. A term measured by months shall expire on the corresponding date of the last month of the term.

A term which is determined as one half of a month shall be handled as a term measured by days, and it shall be deemed to be equal to 15 days.

If the expiry of a term measured by months falls on such month in which that date does not exist, then the term shall expire upon the last day of that month.

4. The term which is measured by weeks shall expire on the appropriate day of the last week of the term.

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