Banking and Finance (27)

Corporate Law (20)

Employment (15)

Insolvency and Restructuring (20)

Real Estate (16)

Tax Law (19)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Terms found Action for the restoration of ownership Amended dismissal Annuity Appeal against a decision Asset Assignment of Claims (Cession) Austrian Public Employment Service (AMS) Banking secrecy Bankruptcy proceedings BaSAG Book value / carrying amount Branch Brokerage Agreement Building Law Business Business entity Call for Tenders Capitalisation Casual Employment Certification Change in Operations Collective Bargaining Agreement Company Agreement Company Pension Comparison of business assets Compensation Compliance Compulsory enforcement Consumer Protection Act Corporate Reorganisation Act (URG) Corporation Covenants Debt restructuring Debtor Declaration of consent Decree Deferral Discount Dividend Double taxation Double-entry bookkeeping Easement Employee Stock Ownership Equity Equity loan Factoring Fees Act Financial plan Foreclosure sale Foreign-currency loan General partnership General Protection Against Dismissal Global assignment GmbH Group taxation Guarantee Guarantee credit Hidden reserves Hire Purchase Insolvency Insolvency Act Insolvency administrator Insolvency estate Insolvency register Inspection of the Land Register Inventory Land Register Letter of comfort Lien Limited partnership Liquidation Loan Loss Carryforward Maternity leave Merger Natural person Nominal value Option Outsourcing Part-time work Partnership Personal insolvency Pledge principle Preliminary decision on an appeal Progression Prohibition of alienation and encumbrance Prohibition on the repayment of deposits Property income tax Provision Proxy Public Limited Company Reallast Repayment Restriction on Transfer Restructuring proceedings Retention of title Revision Right of first refusal Right of retention Rights in rem Self-consumption Severance Pay Severance Pay new Severance Pay old Shareholder loans Short-time work Silent partnership Skimming procedure Social Plan Sole Proprietorship Standard value Stock Subscription right Superstruction Supervisory Board Tenancy agreement Works Council

Proxy

Prokura is a comprehensive commercial power of attorney with a scope defined by law. It authorizes almost all types of judicial and extrajudicial transactions and legal acts involved in the operation of a business and therefore essentially covers legal transactions that arise in the ordinary course of business. The proxy may perform legal acts vis-à-vis third parties that directly create rights and obligations for the business owner. Conversely, the business owner can generally rely on the fact that the transaction or contract is binding on the business owner.

The business owner must file the granted power of attorney for entry in the commercial register. No specific formal requirements apply. The statutory scope of the power of attorney may not be restricted vis-à-vis third parties in any respect—whether in terms of subject matter, person, time, geography, or otherwise. However, in the event of a breach of internal instructions, the proxy is liable to pay damages to the principal.

Individual and General Power of Attorney

Individual power of attorney exists when the authorized person has the authority to act alone. Joint power of attorney, however, does not confer the authority to act alone. Rather, a joint authorized signatory may act only jointly with one or more others. If a joint authorized signatory makes a declaration alone, they lack the authority to represent the company. A declaration by a joint authorized signatory may not be relied upon if it contradicts the registered restrictions.

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