17-5831. Personal liability of officers and directors, exceptions.
17-5831
17-5831. Personal liability of officers and directors, exceptions.
Except for persons who are executive officers, an officer or
director of a savings and loan association, federal
savings association or federal savings bank shall have no personal liability to
the savings and loan association, federal savings association or federal
savings bank or its members or stockholders 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 association or bank, its members or stockholders; (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.
17-5412, 17-5811 and 17-5812 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 savings and
loan
association, federal savings association or federal savings bank, unless such
officer is excluded by resolution of the board of directors or by the bylaws of
the savings and loan association, federal savings association or federal
savings bank from participation in the policymaking functions of the savings
and loan association, federal savings association or federal savings bank, and
the officer does not actually participate in the policymaking functions of the
savings and loan association, federal savings association or federal savings
bank.
History: L. 1993, ch. 288, § 2; May 20.