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  • 1.

    New York General Obligations Law (“GOL”), Article 5, Title 15.

  • 2.

    For example, financial Institutions, governmental agencies and courts are required to recognize powers of attorney that meet the statutory requirements, unless they have rea- sonable cause not to. GOL Section 5-1504.

  • 3.

    A “power of attorney” as defined in the statute means a written document by which a principal with capacity designates an agent to act on his or her behalf.

  • 4.

    See, e.g., Terwilliger v. Ontario, C. &S.R. Co., 149 N.Y. 86, 43 N.E. 432 (1896); Ravallo v. Refrigerated Holdings, 2009 WL 612490 (S.D.N.Y.) (Holding that an irrevocable power of attorney existed as a matter of law and the agent’s settlement of an indemnity claim under a purchase agreement was binding on the principal).

  • 5.

    GOL Section 5-1513(1)(a).

  • 6.

    GOL Section 5-1511(6).

  • 7.

    GOL Section 5-1504(3).

  • 8.

    GOL Section 5-1501B(1)(b) and (c).

  • 9.

    Romeo and Dye’s Section 16 Treatise and Reporting Guide,

    • 3.

      ed., p. 453 (2008), takes the position that powers of attorney for Section 16 purposes need only meet the requirements of Instruction 7 to Forms 3, 4, and 5.

  • 10.

    See, e.g., Form S-1 of Generac Holdings Inc. (CIK

0001474735), Exhibit 24.5, filed 10/20/09.

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