Oklahoma § 58-3032 - Operation of entity or business

§ 58-3032. Operation of entity or business

Subject to the terms of a document or an agreement governing an

entity or an entity ownership interest, and unless the power of

attorney otherwise provides, language in a power of attorney

granting general authority with respect 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 proxy a right, power, privilege or option that the

principal has, may have or claims to have;

3. Enforce the terms of an ownership agreement;

4. Initiate, participate in or submit to alternative dispute

resolution, settle, oppose, or propose or accept a compromise with

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

an ownership interest;

5. 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 stocks and bonds;

6. Initiate, participate in or submit to alternative dispute

resolution, settle, oppose, or propose or accept a compromise with

respect to litigation to 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 or on behalf of the principal with

Oklahoma Statutes - Title 58. Probate Procedure

respect to the entity or 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, and

(5) the mode of engaging, compensating and dealing

with its employees and accountants, attorneys or

other advisors,

c.

change the name or form of organization under which

the entity or business is operated and enter into an

ownership agreement with other persons to take over

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 the principal's behalf in the

operation of the entity or business and control and

disburse the money in the operation of the entity or

business;

8. Put additional capital into an entity or business in which

the principal has 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 to which 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 make related payments; and

13. Pay, compromise or contest taxes, assessments, fines or

penalties and perform any other act to protect the principal from

illegal or unnecessary taxation, assessments, fines or penalties,

with respect to an entity or 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 2021, c. 332, § 32, eff. Nov. 1, 2021.