17-5831.   Personal liability of officers and directors, exceptions.Except for persons who are executive officers, an officer ordirector of a savings and loan association, federalsavings association or federal savings bank shall have no personal liability tothe savings and loan association, federal savings association or federalsavings bank or its members or stockholders for monetarydamages for breach of duty as an officer or director, except that suchliability shall not be eliminated for: (a) Any breach of the officer's ordirector'sduty of loyalty to the association or bank, its members or stockholders; (b)acts or omissions which constitute willful or gross and wanton negligent breachof 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 transactionfrom whichthe officer or director derived an improper 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 savings andloanassociation, federal savings association or federal savings bank, unless suchofficer is excluded by resolution of the board of directors or by the bylaws ofthe savings and loan association, federal savings association or federalsavings bank from participation in the policymaking functions of the savingsand loan association, federal savings association or federal savings bank, andthe officer does not actually participate in the policymaking functions of thesavings and loan association, federal savings association or federal savingsbank.

      History:   L. 1993, ch. 288, § 2; May 20.