Alabama Code Title 10A. Alabama Business and Nonprofit Entities Code § 10A-1-3.24
Current as of December 30, 2022 | Updated by FindLaw Staff
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(a) In discharging a duty or exercising a power, an officer of a domestic entity, in good faith and ordinary care, may rely on information, opinions, reports, or statements, including financial statements and other financial data, concerning the entity or another person and prepared or presented by:
(1) another officer or an employee of the entity;
(2) legal counsel;
(3) a public accountant or certified public accountant;
(4) an investment banker; or
(5) a person who the officer reasonably believes possesses professional expertise in the matter.
(b) An officer may not in good faith rely on the information described by subsection (a) if the officer has knowledge of a matter that makes the reliance unwarranted.
Cite this article: FindLaw.com - Alabama Code Title 10A. Alabama Business and Nonprofit Entities Code § 10A-1-3.24 - last updated December 30, 2022 | https://codes.findlaw.com/al/title-10a-alabama-business-and-nonprofit-entities-code/al-code-sect-10a-1-3-24/
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