Section 5-1502E. Construction--business operating transactions

In   a
  statutory short form power of attorney, the language conferring  general
  authority  with  respect  to  "business operating transactions," must be
  construed to mean that the principal authorizes the agent:
    1. To the extent that an agent is permitted by law thus to act  for  a
  principal, to discharge and to perform any duty or liability and also to
  exercise  any right, power, privilege or option which the principal has,
  or claims to  have,  under  any  contract  of  partnership  whether  the
  principal  is  a  general  or special partner thereunder, to enforce the
  terms of any such  partnership  agreement  for  the  protection  of  the
  principal,  by action, proceeding or otherwise, as the agent shall think
  to be desirable or necessary, and  to  defend,  submit  to  arbitration,
  settle  or  compromise any action or other legal proceeding to which the
  principal is a party because of his membership in said partnership;
    2. To exercise in  person  or  by  proxy  or  to  enforce  by  action,
  proceeding or otherwise, any right, power, privilege or option which the
  principal  has  as the holder of any bond, share, or other instrument of
  similar character and  to  defend,  submit  to  arbitration,  settle  or
  compromise  any  action or other legal proceeding to which the principal
  is a party because of any such  bond,  share,  or  other  instrument  of
  similar character;
    3.  With  respect  to any business enterprise which is owned solely by
  the principal
    a. to continue, to modify, to renegotiate, to extend and to  terminate
  any  contractual arrangements made with any person, firm, association or
  corporation whatsoever by or on behalf of  the  principal  with  respect
  thereto prior to the creation of the agency;
    b.  to  determine  the policy of such enterprise as to the location of
  the site or sites to be utilized for its operation, as to the nature and
  extent of the business  to  be  undertaken  by  it,  as  to  methods  of
  manufacturing,   selling,   merchandising,   financing,  accounting  and
  advertising to be employed in its operation, as to the amount and  types
  of insurance to be carried, as to the mode of securing, compensating and
  dealing  with  accountants,  attorneys,  servants  and  other agents and
  employees required for its operation, to agree and to contract,  in  any
  manner,  and with any person and on any terms, which the agent thinks to
  be desirable or necessary for effectuating any or all of such  decisions
  of  the  agent  as  to policy, and to perform, to rescind, to reform, to
  release or to modify any such agreement or contract or any other similar
  agreement or contract made by or on behalf of the principal;
    c. to change the  name  or  form  of  organization  under  which  such
  business  is  operated and to enter into such partnership agreement with
  other persons or to organize such corporation to take over the operation
  of such business, or any part thereof, as the agent shall  think  to  be
  desirable or necessary;
    d.  to  demand and to receive all moneys which are, or may become, due
  to the principal, or which may be claimed by the  principal  or  on  his
  behalf,  in  the  operation  of  such  enterprise, and to control and to
  disburse such funds in the operation of such enterprise in any way which
  the agent shall think to be desirable or necessary,  to  engage  in  any
  banking  transactions  which  the  agent  shall think to be desirable or
  necessary for effectuating the execution of any of  the  powers  of  the
  agent described in this subdivision;
    4.  To  prepare,  to  sign,  to  file  and  to  deliver  all  reports,
  compilations of information, returns or other papers with respect to any
  business operating transaction of the principal, which are  required  by
  any  governmental  agency,  department  or  instrumentality or which the

  agent shall think to be desirable or necessary for any purpose,  and  to
  make any payments with respect thereto;
    5.  To pay, to compromise or to contest taxes or assessments and to do
  any act or acts which the agent shall think to be desirable or necessary
  to protect the principal from illegal or  unnecessary  taxation,  fines,
  penalties  or  assessments  in  connection with his business operations,
  including power to attempt to recover, in any manner permitted  by  law,
  sums  paid  before  or after the creation of the agency as taxes, fines,
  penalties or assessments;
    6.  To  demand,  to  receive,  to  obtain  by  action,  proceeding  or
  otherwise, any money, or other thing of value to which the principal is,
  or  may  become,  or  may  claim  to  be entitled as the proceeds of any
  business operation  of  such  principal,  to  conserve,  to  invest,  to
  disburse  or  to utilize anything so received for purposes enumerated in
  this section, and to reimburse the agent for any  expenditures  properly
  made  by  him  in  the execution of the powers conferred upon him by the
  statutory short form power of attorney;
    7. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
  assignment,  mortgage, lease, notice, consent, agreement, authorization,
  check or other instrument which the  agent  may  think  useful  for  the
  accomplishment of any of the purposes enumerated in this section;
    8.  To  prosecute, to defend, to submit to arbitration, to settle, and
  to propose or to accept a compromise with respect to, any claim existing
  in favor of, or  against,  the  principal  based  on  or  involving  any
  business  operating  transaction  or  to  intervene  in  any  action  or
  proceeding relating thereto;
    9. To hire, to discharge, and to compensate any attorney,  accountant,
  expert  witness  or  other  assistant or assistants when the agent shall
  think such action to be desirable for the proper execution by him of any
  of the powers described in this section, and for the keeping  of  needed
  records thereof; and
    10.  In  general,  and  in  addition  to all the specific acts in this
  section enumerated, to do any other act or acts, which the principal can
  do through an agent, in connection with any  business  operated  by  the
  principal,  which the agent shall think to be desirable or necessary for
  the furtherance or protection of the interests of the principal.
    All  powers  described  in  this  section  5-1502E  of   the   general
  obligations  law  shall  be  exercisable  equally  with  respect  to any
  business in which the principal is interested at  the  creation  of  the
  agency or in which the principal shall thereafter become interested, and
  whether operated in the state of New York or elsewhere.