26-103 - Operation of entity or business.
§ 26-103. Operation of entity or business.
Subject to the terms of a document or an agreement governing an entity or anentity ownership interest, and unless the power of attorney otherwiseprovides, language in a power of attorney granting general authority withrespect to operation of an entity or business authorizes the agent to:
1. Operate, buy, sell, enlarge, reduce, or terminate an ownership interest;
2. Perform a duty or discharge a liability and exercise in person or by proxya right, power, privilege, or option that the principal has, may have, orclaims to have;
3. Enforce the terms of an ownership agreement;
4. Initiate, participate in, submit to alternative dispute resolution,settle, oppose, or propose or accept a compromise with respect to litigationto which the principal is a party because of an ownership interest;
5. Exercise in person or by proxy, or enforce by litigation or otherwise, aright, power, privilege, or option the principal has or claims to have as theholder of stocks and bonds;
6. Initiate, participate in, submit to alternative dispute resolution,settle, oppose, or propose or accept a compromise with respect to litigationto which the principal is a party concerning stocks and bonds;
7. With respect to an entity or business owned solely by the principal:
a. Continue, modify, renegotiate, extend, and terminate a contract made by oron behalf of the principal with respect to the entity or business beforeexecution of the power of attorney;
b. Determine (i) the location of its operation; (ii) the nature and extent ofits business; (iii) the methods of manufacturing, selling, merchandising,financing, accounting, and advertising employed in its operation; (iv) theamount and types of insurance carried; and (v) the mode of engaging,compensating, and dealing with its employees and accountants, attorneys, orother advisors;
c. Change the name or form of organization under which the entity or businessis operated and enter into an ownership agreement with other persons to takeover all or part of the operation of the entity or business; and
d. Demand and receive money due or claimed by the principal or on theprincipal's behalf in the operation of the entity or business and control anddisburse the money in the operation of the entity or business;
8. Put additional capital into an entity or business in which the principalhas an interest;
9. Join in a plan of reorganization, consolidation, conversion,domestication, or merger of the entity or business;
10. Sell or liquidate all or part of an entity or business;
11. Establish the value of an entity or business under a buyout agreement towhich the principal is a party;
12. Prepare, sign, file, and deliver reports, compilations of information,returns, or other papers with respect to an entity or business and makerelated payments; and
13. Pay, compromise, or contest taxes, assessments, fines, or penalties andperform any other act to protect the principal from illegal or unnecessarytaxation, assessments, fines, or penalties, with respect to an entity orbusiness, including attempts to recover, in any manner permitted by law,money paid before or after the execution of the power of attorney.
(2010, cc. 455, 632.)