2006 New York Code - Construction--bond, Share And Commodity Transactions.

 
    § 5-1502C. Construction--bond,  share and commodity transactions. In a
  statutory short form power of attorney, the language conferring  general
  authority  with  respect  to  "bond, share and commodity transactions, "
  must be construed to mean that the principal authorizes the agent:
    1. To accept as a gift, or as security  for  a  loan,  to  reject,  to
  demand,  to buy, to receive, or otherwise to acquire either ownership or
  possession  of,  any  bond,  share,  instrument  of  similar  character,
  commodity interest or any instrument with respect thereto, together with
  the  interest,  dividends,  proceeds  or  other  distributions connected
  therewith;
    2. To sell (including short sales), to exchange,  to  transfer  either
  with or without a guaranty, to release, to surrender, to hypothecate, to
  pledge,   to  revoke,  create  or  modify  a  trust,  to  grant  options
  concerning, to loan, to trade in, or otherwise to dispose of  any  bond,
  share,  instrument  of  similar  character,  commodity  interest  or any
  instrument with respect thereto;
    3. To release in whole or in part, to assign the whole or a  part  of,
  to  satisfy in whole or in part, and to enforce by action, proceeding or
  otherwise, any pledge, incumbrance, lien or other claim as to any  bond,
  share,  instrument  of  similar  character,  commodity  interest  or any
  interest with respect thereto, when such pledge,  incumbrance,  lien  or
  other claim is owned, or claimed to be owned, by the principal;
    4.  To do any act of management or of conservation with respect to any
  bond, share, instrument of similar character, commodity interest or  any
  instrument  with  respect  thereto,  owned or claimed to be owned by the
  principal or in which the principal has or claims to have  an  interest,
  including  by  way  of  illustration,  but  not of restriction, power to
  insure against any casualty, liability or loss, to obtain or  to  regain
  possession  or  to  protect  the principal's interest therein by action,
  proceeding or otherwise, to pay, to compromise or to  contest  taxes  or
  assessments, to apply for refunds in connection therewith, to consent to
  and to participate in any reorganization, recapitalization, liquidation,
  merger, consolidation, sale or lease, or other change in or revival of a
  corporation  or  other association, or in the financial structure of any
  corporation or other association, or in the priorities, voting rights or
  other special rights with respect thereto, to become  a  depositor  with
  any  protective, reorganization or similar committee of the bond, share,
  other  instrument  of  similar  character,  commodity  interest  or  any
  instrument with respect thereto, belonging to the principal, to make any
  payments  reasonably  incident  to the foregoing, to exercise or to sell
  any option, conversion or similar right, to vote in  person  or  by  the
  granting  of a proxy (with or without the power of substitution), either
  discretionary, general or otherwise, for the accomplishment  of  any  of
  the purposes enumerated in this section;
    5.  To  carry  in  the  name  of  a  nominee selected by the agent any
  evidence of the ownership  of  any  bond,  share,  other  instrument  of
  similar   character,  commodity  interest  or  instrument  with  respect
  thereto, belonging to the principal;
    6. To employ, in any way believed to be desirable by  the  agent,  any
  bond,  share,  other instrument of similar character, commodity interest
  or any instrument with respect thereto, in which the  principal  has  or
  claims  to  have any interest, for the protection or continued operation
  of any speculative or margin transaction personally begun or  personally
  guaranteed, in whole or in part, by the principal;
    7.  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
  interest in a  bond,  share,  other  instrument  of  similar  character,
  commodity  interest or any instrument with respect thereto, or of one or
  more of the transactions enumerated in this  section,  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 on him by the statutory short form power of attorney;
    8.  To  agree  and  to contract, in any manner, and with any broker or
  other person, and on any terms, which the  agent  may  select,  for  the
  accomplishment of any of the purposes enumerated in this section, and to
  perform,  to  rescind,  to  reform,  to  release  or  to modify any such
  agreement or contract or any other  similar  agreement  made  by  or  on
  behalf of the principal;
    9.  To  execute,  to  acknowledge, to seal and to deliver any consent,
  agreement,  authorization,  assignment,   revocation,   declaration   or
  modification  of  trust,  notice,  waiver  of  notice,  check,  or other
  instrument which the agent may think useful for  the  accomplishment  of
  any of the purposes enumerated in this section;
    10.  To  execute, to acknowledge and to file any report or certificate
  required by law or governmental regulation;
    11. To prosecute, to defend, to submit to arbitration, 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 bond,
  share or  commodity  transaction  or  to  intervene  in  any  action  or
  proceeding relating thereto;
    12. 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; and
    13.  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, with respect to any interest in any bond, share  or
  other  instrument  of  similar  character, commodity, or instrument with
  respect to a commodity.
    All  powers  described  in  this  section  5-1502C  of   the   general
  obligations  law  shall  be  exercisable  equally  with  respect  to any
  interest in any bond, share or other instrument  of  similar  character,
  commodity,  or  instrument  with  respect  to  a  commodity owned by the
  principal at the giving of the power of attorney or thereafter acquired,
  whether located in the state of New York or elsewhere.