Change your Action to:
powershell -noprofile -executionpolicy bypass -file C:\path\event4740.ps1
On a Windows 2008 server R2: In Task Scheduler under the General Tab - Make sure the 'Run As' user is set to an account with the right permissions it takes to execute the script.
Also, I believe you have the "Run only when user is logged on" Option checked off. Change that to "Run whether user is logged on or not". Leave the Do Not Store password option unchecked, and you'll probably need the "Run with Highest Privileges" option marked.