This invention manages power down and wakeup of shared memories in a multiprocessor system. A register for each shared memory has bits corresponding to each master. When a master wants to power down a memory, it sets its corresponding bit in the register. A hardware power down controller for the memory bank powers the memory bank if any processor signals powering the memory bank. The hardware power down controller for the memory bank powers down the memory bank only if all processor signal powering down the memory bank. The hardware power down controller waits for all masters to set their corresponding bits in the register before initiating power down of the memories. Software running on any processor has a view of the shared memory independent of the other processors and no inter-processor communication is needed.