NY Gen Oblig L § 5-1502E (2021)
2021 New York Laws GOB - General Obligations Article 5 - Creation, Definition and Enforcement of Contractual Obligations Title 15 - Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning 5-1502E - Construction--Business Operating Transactions.

§ 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  alternative   dispute  resolution,  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  alternative  dispute   resolution, 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 principala.  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  alternative  dispute   resolution, 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; and10.  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.