17-6422.   Reliance by director or committee memberupon corporate records and information.A member of the board of directors, or a member of any committee designated bythe board of directors, shall be fully protected in relying in good faith uponthe records of the corporation and upon such information, opinions, reports orstatements presented to the corporation by any of its officers or employees, orcommittees of the board of directors, or by any other person as to matters thedirector reasonably believes are within such other person's professional orexpert competence and who has been selected with reasonable care by or onbehalf of the corporation, as to the value and amount of the assets,liabilities or net profits, or both of the corporation or any other factspertinent to the existence and amount of surplus or other funds from whichdividends might properly be declared and paid, or with which the corporation'sstock might properly be purchased or redeemed.

      History:   L. 1972, ch. 52, § 49;L. 1988, ch. 99, § 19;Revived and amend., L. 1988, ch. 100, § 19;L. 1992, ch. 270, § 8;L. 2004, ch. 143, § 21; Jan. 1, 2005.