No director of the association shall be personally liable to the association or its members for monetary damages for breach of fiduciary duty as a director unless:
A. the director has breached or failed to perform the duties of the director’s office in compliance with Section 53-4-18.1 NMSA 1978; and
B. the breach or failure to perform constitutes willful misconduct or recklessness.
The provisions of this section shall, however, only eliminate the liability of a director for action taken as a director or any failure to take action as a director at meetings of the board of directors or of a committee of the board of directors on or after the date when the provisions of this section become effective.
History: 1978 Comp., § 53-4-18.2, enacted by Laws 1987, ch. 238, § 3.
ANNOTATIONS
Compiler’s notes. — The phrase “the date when the provisions of this section become effective” in the last sentence refers to April 9, 1987, the effective date of Laws 1987, Chapter 238.