§ 5-1502E. Construction--business operating transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "business operating transactions," must be\nconstrued to mean that the principal authorizes the agent:\n 1. To the extent that an agent is permitted by law thus to act for a\nprincipal, to discharge and to perform any duty or liability and also to\nexercise any right, power, privilege or option which the principal has,\nor claims to have, under any contract of partnership whether the\nprincipal is a general or special partner thereunder, to enforce the\nterms of any such partnership agreement for the protection of the\nprincipal, by action, proceeding or otherwise, as the agent shall think\nto be desirable or necessary, and to defend, submit to alternative\ndispute resolution, settle or compromise any action or other legal\nproceeding to which the principal is a party because of his membership\nin said partnership;\n 2. To exercise in person or by proxy or to enforce by action,\nproceeding or otherwise, any right, power, privilege or option which the\nprincipal has as the holder of any bond, share, or other instrument of\nsimilar character and to defend, submit to alternative dispute\nresolution, settle or compromise any action or other legal proceeding to\nwhich the principal is a party because of any such bond, share, or other\ninstrument of similar character;\n 3. With respect to any business enterprise which is owned solely by\nthe principal\n a. to continue, to modify, to renegotiate, to extend and to terminate\nany contractual arrangements made with any person, firm, association or\ncorporation whatsoever by or on behalf of the principal with respect\nthereto prior to the creation of the agency;\n b. to determine the policy of such enterprise as to the location of\nthe site or sites to be utilized for its operation, as to the nature and\nextent of the business to be undertaken by it, as to methods of\nmanufacturing, selling, merchandising, financing, accounting and\nadvertising to be employed in its operation, as to the amount and types\nof insurance to be carried, as to the mode of securing, compensating and\ndealing with accountants, attorneys, servants and other agents and\nemployees required for its operation, to agree and to contract, in any\nmanner, and with any person and on any terms, which the agent thinks to\nbe desirable or necessary for effectuating any or all of such decisions\nof the agent as to policy, and to perform, to rescind, to reform, to\nrelease or to modify any such agreement or contract or any other similar\nagreement or contract made by or on behalf of the principal;\n c. to change the name or form of organization under which such\nbusiness is operated and to enter into such partnership agreement with\nother persons or to organize such corporation to take over the operation\nof such business, or any part thereof, as the agent shall think to be\ndesirable or necessary;\n d. to demand and to receive all moneys which are, or may become, due\nto the principal, or which may be claimed by the principal or on his\nbehalf, in the operation of such enterprise, and to control and to\ndisburse such funds in the operation of such enterprise in any way which\nthe agent shall think to be desirable or necessary, to engage in any\nbanking transactions which the agent shall think to be desirable or\nnecessary for effectuating the execution of any of the powers of the\nagent described in this subdivision;\n 4. To prepare, to sign, to file and to deliver all reports,\ncompilations of information, returns or other papers with respect to any\nbusiness operating transaction of the principal, which are required by\nany governmental agency, department or instrumentality or which the\nagent shall think to be desirable or necessary for any purpose, and to\nmake any payments with respect thereto;\n 5. To pay, to compromise or to contest taxes or assessme
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