56(1)If a power of attorney, given for valuable consideration, is in the instrument creating the power expressed to be irrevocable, then, in favour of a purchaser,
(a)
the power shall not be revoked at any time, either by anything done by the donor of the power without the concurrence of the donee of the power, or by the death, marriage, lunacy, mental incompetency or bankruptcy of the donor of the power,
(b)
an act done at any time by the donee of the power, in pursuance of the power, is as valid as if anything done by the donor of the power without the concurrence of the donee of the power had not been done, or the death, marriage, lunacy, mental incompetency or bankruptcy of the donor of the power had not happened, and
(c)
neither the donee of the power nor the purchaser shall at any time be prejudicially affected by notice of anything done by the donor of the power without the concurrence of the donee of the power, or of the death, marriage, lunacy, mental incompetency or bankruptcy of the donor of the power.
56(2)This section applies only to the powers of attorney created by instruments executed after July 1, 1904.