Kentucky Revised Statutes Title XXIII. Private Corporations and Associations § 272A.8-180.Fiduciary standards of directors; conflict of interest

(1) The fiduciary duties a director owes to the limited cooperative association include the duty of loyalty and the duty of care set forth in subsections (2) and (3) of this section;

(2) A director's duty of loyalty to the limited cooperative association includes but is not limited to the following:

(3) A director's duty of care to the limited cooperative association and the members thereof in the conduct and winding up of association business includes but is not limited to acting with the care that a reasonable person in a like position would exercise under similar circumstances and in a manner that the director reasonably believes to be in the best interests of the association;

(4) A director does not violate a duty or obligation under this subchapter or under the association's organic rules merely because the director's conduct furthers the director's own interest; and

(5) A director may lend money to, act as a surety, guarantor, or endorser for, guarantee or assume one (1) or more specific obligations of, provide collateral for and transact other business with the limited cooperative association, and as to each loan or transaction the rights and obligations of the director are the same as those of a person who is not a director, subject to other applicable law.