{"data":{"id":"us-nc/n.c.-gen.-stat.-32c-2-209","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 32C-2-209","heading":"Operation of entity.","body":"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 authorizes the agent to do all of the following:\n(1)\tOperate, buy, sell, enlarge, reduce, or terminate an ownership interest.\n(2)\tPerform 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.\n(3)\tEnforce the terms of an ownership agreement.\n(4)\tInitiate, participate in, 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.\n(5)\tExercise 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.\n(6)\tInitiate, participate in, 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.\n(7)\tWith respect to an entity owned solely by the principal:\na.\tContinue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity before execution of the power of attorney.\nb.\tDetermine all of the following:\n1.\tThe location of its operation.\n2.\tThe nature and extent of its business.\n3.\tThe methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation.\n4.\tThe amount and types of insurance carried.\n5.\tThe mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors.\nc.\tChange the name or form of organization under which the entity is operated and enter into an ownership agreement with other persons to take over all or part of the operation of the entity.\nd.\tDemand and receive money due or claimed by the principal or on the principal's behalf in the operation of the entity and control and disburse the money in the operation of the entity.\n(8)\tPut additional capital into an entity in which the principal has an interest.\n(9)\tJoin in a plan of reorganization, consolidation, conversion, domestication, or merger of the entity.\n(10)\tSell or liquidate all or part of an entity.\n(11)\tEstablish the value of an entity under a buyout agreement to which the principal is a party.\n(12)\tPrepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to an entity and make related payments.\n(13)\tPay, 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, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney. (2017-153, s. 1.)","path":["Chapter 32C. North Carolina Uniform Power of Attorney Act.","Article 2. Authority."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_32C/GS_32C-2-209.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:00:22Z","sha256":"c0a92a7fb9e3d70634592c31a47d8df17dd72e902c7a5a91c4f12e9cc8c8a70c","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-32c-2-208","next":"us-nc/n.c.-gen.-stat.-32c-2-210"},"notice":"GroundRules: Original legal text. Not legal advice."}