West Virginia Code 31D-8-842 – Standards of conduct for officers
Current as of: 2023 | Check for updates
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(a) An officer, when performing in his or her official capacity, shall act:
Terms Used In West Virginia Code 31D-8-842
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes , but is not limited to, an individual and an entity. See West Virginia Code 31D-1-150
(1) In good faith;
(2) With the care that a person in a like position would reasonably exercise under similar circumstances; and
(3) In a manner the officer reasonably believes to be in the best interests of the corporation.