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Tennessee Code Title 43. Agriculture and Horticulture § 43-38-611

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) 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, except as provided in subsection (b).

(b) The articles may not eliminate or limit the liability of a director for:

(1) A breach of the director's duty of loyalty to the cooperative or its members;

(2) Acts or omissions that are not in good faith or involve intentional misconduct or a knowing violation of law;

(3) A transaction from which the director derived an improper personal benefit; or

(4) An act or omission occurring before the date when the provision in the articles eliminating or limiting liability becomes effective.

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Cite this article: FindLaw.com - Tennessee Code Title 43. Agriculture and Horticulture § 43-38-611 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-43-agriculture-and-horticulture/tn-code-sect-43-38-611/

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