{"data":{"id":"us-ok/okla.-stat.-tit.-15-15-1011","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 15, § 15-1011","heading":"Construction of power relating to business operating","body":"transactions.\n\nCONSTRUCTION OF POWER RELATING TO BUSINESS OPERATING TRANSACTIONS\n\nIn a statutory power of attorney, the language granting power\n\nwith respect to business operating transactions empowers the agent\n\nto:\n\n1. Operate, buy, sell, enlarge, reduce, and terminate a\n\nbusiness interest;\n\n2. To the extent that an agent is permitted by law to act for a\n\nprincipal and subject to the terms of the partnership agreement, to:\n\na. perform a duty or discharge a liability and exercise a\n\nright, power, privilege, or option that the principal\n\nhas, may have, or claims to have, under a partnership\n\nagreement, whether or not the principal is a partner,\n\nb. enforce the terms of a partnership agreement by\n\nlitigation or otherwise, and\n\nc. defend, submit to arbitration, settle, or compromise\n\nlitigation to which the principal is a party because\n\nof membership in the partnership;\n\n3. Exercise in person or by proxy, or enforce by litigation or\n\notherwise, a right, power, privilege, or option the principal has or\n\nclaims to have as the holder of a bond, share, or other instrument\n\nof similar character and defend, submit to arbitration, settle, or\n\ncompromise litigation to which the principal is a party because of a\n\nbond, share, or similar instrument;\n\n4. With respect to a business owned solely by the principal:\n\na. continue, modify, renegotiate, extend, and terminate a\n\ncontract made with an individual or a legal entity,\n\nfirm, association, or corporation by or on behalf of\n\nthe principal with respect to the business before\n\nexecution of the power of attorney,\n\nb. determine:\n\n(1) the location of its operation,\n\n(2) the nature and extent of its business,\n\n(3) the methods of manufacturing, selling,\n\nmerchandising, financing, accounting, and\n\nadvertising employed in its operation,\n\n(4) the amount and types of insurance carried,\n\n(5) the mode of engaging, compensating, and dealing\n\nwith its accountants, attorneys, and other agents\n\nand employees,\n\nc. change the name or form of organization under which\n\nthe business is operated and enter into a partnership\n\nagreement with other persons or organize a corporation\n\nto take over all or part of the operation of the\n\nbusiness, and\n\nd. demand and receive money due or claimed by the\n\nprincipal or on the principal's behalf in the\n\noperation of the business, and control and disburse\n\nthe money in the operation of the business;\n\n5. Put additional capital into a business in which the\n\nprincipal has an interest;\n\n6. Join in a plan of reorganization, consolidation, or merger\n\nof the business;\n\n7. Sell or liquidate a business or part of it at the time and\n\nupon the terms the agent considers desirable;\n\n8. Establish the value of a business under a buy-out agreement\n\nto which the principal is a party;\n\n9. Prepare, sign, file, and deliver reports, compilations of\n\ninformation, returns, or other papers with respect to a business\n\nwhich are required by a governmental agency or instrumentality or\n\nwhich the agent considers desirable, and make related payments; and\n\n10. Pay, compromise, or contest taxes or assessments and do any\n\nother act which the agent considers desirable to protect the\n\nprincipal from illegal or unnecessary taxation, fines, penalties, or\n\nassessments with respect to a business, including attempts to\n\nrecover, in any manner permitted by law, money paid before or after\n\nthe execution of the power of attorney.","path":["OK Code","Title 15"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os15.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2278b918d079592acad82cffd9c9694e8e63752a67ef255604bb809083e51386","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-15-15-1010","next":"us-ok/okla.-stat.-tit.-15-15-1012"},"notice":"GroundRules: Original legal text. Not legal advice."}