Oklahoma § 15-1011 - Construction of power relating to business operating

§ 15-1011. Construction of power relating to business operating

transactions.

CONSTRUCTION OF POWER RELATING TO BUSINESS OPERATING TRANSACTIONS

In a statutory power of attorney, the language granting power

with respect to business operating transactions empowers the agent

to:

1. Operate, buy, sell, enlarge, reduce, and terminate a

business interest;

2. To the extent that an agent is permitted by law to act for a

principal and subject to the terms of the partnership agreement, to:

a.

perform a duty or discharge a liability and exercise a

right, power, privilege, or option that the principal

has, may have, or claims to have, under a partnership

agreement, whether or not the principal is a partner,

b.

enforce the terms of a partnership agreement by

litigation or otherwise, and

c.

defend, submit to arbitration, settle, or compromise

litigation to which the principal is a party because

of membership in the partnership;

3. Exercise in person or by proxy, or enforce by litigation or

otherwise, a right, power, privilege, or option the principal has or

claims to have as the holder of a bond, share, or other instrument

Oklahoma Statutes - Title 15. Contracts

of similar character and defend, submit to arbitration, settle, or

compromise litigation to which the principal is a party because of a

bond, share, or similar instrument;

4. With respect to a business owned solely by the principal:

a.

continue, modify, renegotiate, extend, and terminate a

contract made with an individual or a legal entity,

firm, association, or corporation by or on behalf of

the principal with respect to the business before

execution of the power of attorney,

b.

determine:

(1) the location of its operation,

(2) the nature and extent of its business,

(3) the methods of manufacturing, selling,

merchandising, financing, accounting, and

advertising employed in its operation,

(4) the amount and types of insurance carried,

(5) the mode of engaging, compensating, and dealing

with its accountants, attorneys, and other agents

and employees,

c.

change the name or form of organization under which

the business is operated and enter into a partnership

agreement with other persons or organize a corporation

to take over all or part of the operation of the

business, and

d.

demand and receive money due or claimed by the

principal or on the principal's behalf in the

operation of the business, and control and disburse

the money in the operation of the business;

5. Put additional capital into a business in which the

principal has an interest;

6. Join in a plan of reorganization, consolidation, or merger

of the business;

7. Sell or liquidate a business or part of it at the time and

upon the terms the agent considers desirable;

8. Establish the value of a business under a buy-out agreement

to which the principal is a party;

9. Prepare, sign, file, and deliver reports, compilations of

information, returns, or other papers with respect to a business

which are required by a governmental agency or instrumentality or

which the agent considers desirable, and make related payments; and

10. Pay, compromise, or contest taxes or assessments and do any

other act which the agent considers desirable to protect the

principal from illegal or unnecessary taxation, fines, penalties, or

assessments with respect to a business, including attempts to

recover, in any manner permitted by law, money paid before or after

the execution of the power of attorney.

Added by Laws 1998, c. 420, § 11, eff. Nov. 1, 1998.

Oklahoma Statutes - Title 15. Contracts