17-2268.   Personal liability of officers and directors, exceptions.Except for persons who are executive officers, an officer ordirector of a credit union or federal credit unionshall have no personal liability to the credit union or federal credit union orits members for monetary damages for breach of duty asan officer or director, except that such liability shall not be eliminated for:(a) Any breach of the officer's or director's duty of loyalty to the creditunion or its members; (b) acts or omissions which constitute willfulor gross and wanton negligent breach of the officer's or director's duty ofcare; (c) acts in violation of K.S.A. 17-2209 and amendments thereto;or (d) any transaction from which the officer or director derived animproper personal benefit. Forpurposes of this section, "executive officer" means the chairperson of theboard, the president, eachvice president, the cashier, the secretary and the treasurer of a credit unionorfederal credit union, unless suchofficer is excluded by resolution of the board of directors or by the bylaws ofthe credit union or federal credit unionfrom participation in the policymaking functions of the creditunion or federal credit union, andthe officer does not actually participate in the policymaking functions of thecredit union or federal credit union.

      History:   L. 1993, ch. 288, § 3; May 20.