What is the condition for the power of attorney to continue to be valid and binding upon the company for Alloy?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
This Power of Attorney is signed, sealed and certified by facsimile under and by authority of the following resolution adopted by the unanimous consent of the Board of Directors of the Company on August 31, 2022:
VOTED, That the signature of the Chairman of the Board, the President, or the Executive Vice President, or any Senior Vice President, of the Surety Business Division, or their appointees designated in writing and filed with the Secretary, and the signature of the Secretary, the seal of the Company, and certifications by the Secretary, may be affixed by facsimile on any power of attorney or bond executed pursuant to the resolution adopted by the Board of Directors on August 31, 2022, and any such power so executed, sealed and certified with respect to any bond or undertaking to which it is attached, shall continue to be valid and binding upon the Company.
Source: Item 23 — RECEIPTS (FDD pages 69–245)
What This Means (2025 FDD)
According to Alloy's 2025 Franchise Disclosure Document, a resolution adopted by the board of directors on August 31, 2022, allows specific officers to appoint agents and attorneys-in-fact. These individuals are authorized to execute bonds, undertakings, recognizances, and other surety obligations on behalf of Alloy, attaching the company seal as needed.
The power of attorney remains valid and binding if it is executed, sealed, and certified, potentially via facsimile, according to the resolution passed by Alloy's Board of Directors on August 31, 2022. This ensures that any bond or undertaking to which the power of attorney is attached is enforceable by Alloy.
For a prospective Alloy franchisee, this indicates that the company has established procedures for authorizing legal and financial obligations. The franchisee should be aware that these procedures are governed by internal resolutions and that the validity of any related documents, such as surety bonds, depends on adherence to these resolutions. It also shows that Alloy has taken steps to ensure the authenticity of the power of attorney by providing an email to verify its authenticity.