17-2268. Personal liability of officers and directors, exceptions.
17-2268
17-2268. Personal liability of officers and directors, exceptions.
Except for persons who are executive officers, an officer or
director of a credit union or federal credit union
shall have no personal liability to the credit union or federal credit union or
its members for monetary damages for breach of duty as
an 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 credit
union or its members; (b) acts or omissions which constitute willful
or gross and wanton negligent breach of the officer's or director's duty of
care; (c) acts in violation of K.S.A. 17-2209 and amendments thereto;
or (d) any transaction from which the officer or director derived an
improper personal benefit.
For
purposes of this section, "executive officer" means the chairperson of the
board, the president, each
vice president, the cashier, the secretary and the treasurer of a credit union
or
federal credit union, unless such
officer is excluded by resolution of the board of directors or by the bylaws of
the credit union or federal credit union
from participation in the policymaking functions of the credit
union or federal credit union, and
the officer does not actually participate in the policymaking functions of the
credit union or federal credit union.
History: L. 1993, ch. 288, § 3; May 20.