KRS § 457.320 — KY Code / Title XLII / Chapter 457 / Section 457.320
457.320 Operation of entity or business
Status: in_force

457.320 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, 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, 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 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 buy-out 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.