§ 18-16-5 - Bond, share and commodity transactions. - Rhode Island Statutes

SECTION 18-16-5

   § 18-16-5  Bond, share and commoditytransactions. – (a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to bond, share and commodity transactions shallbe construed to mean that the principal authorizes the agent:

   (1) To accept as a gift, or as security for a loan, toreject, to demand, to buy, to receive, or otherwise to acquire either ownershipor possession of, any bond, share, instrument of similar character, commodityinterest or any instrument with respect to it, together with the interest,dividends, proceeds or other distributions connected with it;

   (2) To sell, including short sales, exchange, transfer eitherwith or without a guaranty, release, surrender, hypothecate, pledge, grantoptions concerning, loan, trade in, or otherwise dispose of any bond, shareinstrument of similar character, commodity interest or any instrument withrespect to it;

   (3) To release in commodity interest or any instrument withrespect to it; to release in whole or in part, assign the whole or a part of,satisfy in whole or in part, and enforce by action, proceeding or otherwise,any pledge, encumbrance, lien or other claim as to any bond, share, instrumentof similar character, commodity interest or any interest with respect to it,when the pledge, encumbrance, lien or other claim is owned, or claimed to beowned, by the principal;

   (4) To do any act of management or of conservation withrespect to any bond, share, instrument of similar character, commodity interestor any instrument with respect to it, owned or claimed to be owned by theprincipal or in which the principal has or claims to have an interest,including, but not limited to, power to insure against any casualty, liabilityor loss; to obtain or regain possession or protect the principal's interest inthe instrument by action, proceeding or otherwise; to pay, compromise orcontest taxes or assessments; to apply for refunds in connection with theinstrument; to consent to and participate in any reorganization,recapitalization, liquidation, merger, consolidation, sale or lease, or otherchange in or revival of a corporation or other association, or in the financialstructure of any corporation or other association, or in the priorities, votingrights of other special rights with respect to it; to become a depositor withany protective, reorganization or similar committee of the bond, share, otherinstrument of similar character, commodity interest or any instrument withrespect to it, belonging to the principal; to make any payments reasonablyincident to the preceding provisions; to exercise or sell an option, conversionor similar right; to vote in persons or by the granting of a proxy, with orwithout 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 agentany evidence of the ownership of any bond, share, other instrument of similarcharacter, commodity interest or instrument with respect to it, belonging tothe principal;

   (6) To employ, in any way believed to be desirable by theagent, any bond, share, other instrument of similar character, commodityinterest or any instrument with respect to it, in which the principal has orclaims to have any interest, for the protection or continued operation of anyspeculative or margin transaction personally begun or personally guaranteed, inwhole or in part, by the principal;

   (7) To demand, receive or obtain by action, proceeding orotherwise, any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of any interest in a bond,share, other instrument of similar character, commodity interest or anyinstrument with respect to it, or of one or more of the transactions enumeratedin this section; to conserve, invest, disburse or utilize anything received forpurposes enumerated in this section, and to be reimbursed for any expendituresproperly made by him or her in the execution of the powers conferred on him orher by the statutory short form power of attorney;

   (8) To agree and contract, in any manner, and with any brokeror other person, and on any terms, which the agent may select, for theaccomplishment of any of the purposes enumerated in this section, and toperform, rescind, reform, release or modify this agreement or contract or anyother similar agreement made by or on behalf of the principal;

   (9) To execute, acknowledge and deliver any consent,agreement, authorization, assignment, revocation, declaration or modification,notice, waiver of notice, check or other instrument which the agent deemsuseful for the accomplishment of any of the purposes enumerated in this section;

   (10) To execute, acknowledge and file any report orcertificate required by law or governmental regulation;

   (11) To prosecute, defend, submit to arbitration, settle andpropose or accept a compromise with respect to any claim existing in favor of,or against, the principal based on or involving any bond, share or commoditytransaction or to intervene in any action or proceeding relating to it;

   (12) To hire, discharge and compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for the proper execution by him or her of anyof the powers described in this section, and for the keeping of needed recordsof these actions; and

   (13) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, with respect to any interest in any bond, share orother instrument of similar character, commodity, or instrument with respect toa commodity.

   (b) All powers described in this section shall be equallyexercisable with respect to any interest in any bond, share or other instrumentof similar character, commodity, or instrument with respect to a commodityowned by the principal at the giving of the power of attorney or thereafteracquired, whether located in the state of Rhode Island or elsewhere.