17-6422.Reliance by director or committee member
upon corporate records and information.
A member of the board of directors, or a member of any committee designated by
the board of directors, shall be fully protected in relying in good faith upon
the records of the corporation and upon such information, opinions, reports or
statements presented to the corporation by any of its officers or employees, or
committees of the board of directors, or by any other person as to matters the
director reasonably believes are within such other person's professional or
expert competence and who has been selected with reasonable care by or on
behalf of the corporation, as to the value and amount of the assets,
liabilities or net profits, or both of the corporation or any other facts
pertinent to the existence and amount of surplus or other funds from which
dividends might properly be declared and paid, or with which the corporation's
stock 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.
17-6422.Reliance by director or committee member
upon corporate records and information.
A member of the board of directors, or a member of any committee designated by
the board of directors, shall be fully protected in relying in good faith upon
the records of the corporation and upon such information, opinions, reports or
statements presented to the corporation by any of its officers or employees, or
committees of the board of directors, or by any other person as to matters the
director reasonably believes are within such other person's professional or
expert competence and who has been selected with reasonable care by or on
behalf of the corporation, as to the value and amount of the assets,
liabilities or net profits, or both of the corporation or any other facts
pertinent to the existence and amount of surplus or other funds from which
dividends might properly be declared and paid, or with which the corporation's
stock 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.
17-6422.Reliance by director or committee member
upon corporate records and information.
A member of the board of directors, or a member of any committee designated by
the board of directors, shall be fully protected in relying in good faith upon
the records of the corporation and upon such information, opinions, reports or
statements presented to the corporation by any of its officers or employees, or
committees of the board of directors, or by any other person as to matters the
director reasonably believes are within such other person's professional or
expert competence and who has been selected with reasonable care by or on
behalf of the corporation, as to the value and amount of the assets,
liabilities or net profits, or both of the corporation or any other facts
pertinent to the existence and amount of surplus or other funds from which
dividends might properly be declared and paid, or with which the corporation's
stock 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.
