Current as of May 05, 2022 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(1) Without limiting the generality of Section 7-9-50, the articles of incorporation may include a provision eliminating or limiting the personal liability of a director, supervisory committee member, or credit committee member to the credit union, its members, or its depositors for monetary damages for any action taken or any failure to take any action as a director, supervisory committee member, or credit committee member, except liability for:
(a) the amount of a financial benefit received by a director, supervisory committee member, or credit committee member to which he is not entitled;
(b) an intentional infliction of harm on the credit union, its members, or depositors; or
(c) an intentional violation of criminal law.
(2) No provision authorized under this section may eliminate or limit the liability of a director, supervisory committee member, or credit committee member for any act or omission occurring prior to the date when the provision becomes effective.
(3) Any provision authorized under this section to be included in the articles of incorporation may also be adopted in the bylaws or by resolution, but only if the provision is approved by the same percentage of members as would be required to approve it as an amendment to the articles of incorporation.
Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-9-49. Limitation of personal liability of directors and committee members - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-9-49.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?