Minnesota Statutes 308A.325 – Limitation of Director’s Liability
Current as of: 2023 | Check for updates
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Subdivision 1.Articles may limit liability.
A director’s personal liability to the cooperative or members for monetary damages for breach of fiduciary duty as a director may be eliminated or limited in the articles as provided in subdivision 2.
Subd. 2.Restrictions on liability limitation.
Terms Used In Minnesota Statutes 308A.325
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
Terms Used In Minnesota Statutes 308A.325
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
The articles may not eliminate or limit the liability of a director:
(1) for a breach of the director’s duty of loyalty to the cooperative or its members;
(2) for acts or omissions that are not in good faith or involve intentional misconduct or a knowing violation of law;
(3) for a transaction from which the director derived an improper personal benefit; or
(4) for an act or omission occurring before the date when the provision in the articles eliminating or limiting liability becomes effective.