Distinguish between the following: Revocable and Irrevocable Power of Attorney

The Revocable and Irrevocable Power of Attorney are distinguished as under: A power of attorney executed in favour of a person can always, at the discretion of the donor thereof, be revoked. While, irrevocable power of attorneys is rarely used and mostly limited to a specific purpose. A power of attorney is said to be revocable if the principal has the right to revoke power at any time. The agent can no longer act on the principal's behalf once the principal revokes the power. But agency coupled with interest cannot be terminated without the consent of the other party (Section 202 of the Indian Contract Act, 1872). Therefore, a power of attorney executed, in which the donee himself has an interest, is irrevocable. If a firm gives Power of Attorney to an agent, such power of attorney gets revoked automatically upon dissolution of the firm. While irrevocable powers of attorney are executed in favour of the financial institutions by a company who offer financial assistance to the latter. Through such irrevocable powers of attorney, powers are given to the financial institutions for executing a security document for securing the financial assistance in the event of a company failing to execute such a document by a certain date. Irrevocable power of attorney needs registration if it relates to immovable property. While revocable POA can be registered or unregistered.