Section 10A-2A-8.30 Standards of conduct for directors. Division C of Article 3 of Chapter 1 shall not apply to this chapter. Instead: (a) Each member of the board of directors, when discharging the duties of a director, shall act: (i) in good faith, and (ii) in a manner the director reasonably believes to be in […]
Section 10A-2A-8.31 Standards of liability for directors. Division C of Article 3 of Chapter 1 shall not apply to this chapter. Instead: (a) A director shall not be liable to the corporation or its stockholders for any decision to take or not to take action, or any failure to take any action, as a director, […]
Section 10A-2A-8.32 Directors’ liability for unlawful distributions. (a) A director who votes for or assents to a distribution in excess of what may be authorized and made pursuant to Section 10A-2A-6.40(a) or Section 10A-2A-14.08(a) is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating […]
