{"data":{"id":"us-ok/okla.-stat.-tit.-58-58-3032","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 58, § 58-3032","heading":"Operation of entity or business","body":"Subject to the terms of a document or an agreement governing an\n\nentity or an entity ownership interest, and unless the power of\n\nattorney otherwise provides, language in a power of attorney\n\ngranting general authority with respect to operation of an entity or\n\nbusiness authorizes the agent to:\n\n1. Operate, buy, sell, enlarge, reduce or terminate an\n\nownership interest;\n\n2. Perform a duty or discharge a liability and exercise in\n\nperson or by proxy a right, power, privilege or option that the\n\nprincipal has, may have or claims to have;\n\n3. Enforce the terms of an ownership agreement;\n\n4. Initiate, participate in or submit to alternative dispute\n\nresolution, settle, oppose, or propose or accept a compromise with\n\nrespect to litigation to which the principal is a party because of\n\nan ownership interest;\n\n5. 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 stocks and bonds;\n\n6. Initiate, participate in or submit to alternative dispute\n\nresolution, settle, oppose, or propose or accept a compromise with\n\nrespect to litigation to which the principal is a party concerning\n\nstocks and bonds;\n\n7. With respect to an entity or business owned solely by the\n\nprincipal:\n\na. continue, modify, renegotiate, extend and terminate a\n\ncontract made by or on behalf of the principal with\n\nrespect to the entity or business before execution of\n\nthe 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, and\n\n(5) the mode of engaging, compensating and dealing\n\nwith its employees and accountants, attorneys or\n\nother advisors,\n\nc. change the name or form of organization under which\n\nthe entity or business is operated and enter into an\n\nownership agreement with other persons to take over\n\nall or part of the operation of the entity or\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 entity or business and control and\n\ndisburse the money in the operation of the entity or\n\nbusiness;\n\n8. Put additional capital into an entity or business in which\n\nthe principal has an interest;\n\n9. Join in a plan of reorganization, consolidation, conversion,\n\ndomestication or merger of the entity or business;\n\n10. Sell or liquidate all or part of an entity or business;\n\n11. Establish the value of an entity or business under a buy-\n\nout agreement to which the principal is a party;\n\n12. Prepare, sign, file and deliver reports, compilations of\n\ninformation, returns or other papers with respect to an entity or\n\nbusiness and make related payments; and\n\n13. Pay, compromise or contest taxes, assessments, fines or\n\npenalties and perform any other act to protect the principal from\n\nillegal or unnecessary taxation, assessments, fines or penalties,\n\nwith respect to an entity or 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 58"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os58.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d76908cc575cef9efc4396a9a4fadd14f0dfa7adfb78c26731f4231ad001642e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-58-58-3031","next":"us-ok/okla.-stat.-tit.-58-58-3033"},"notice":"GroundRules: Original legal text. Not legal advice."}