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Wisconsin Statutes Corporations (Ch. 180 to 188) § 180.0826. Reliance by directors or officers

Current as of January 01, 2022 | Updated by FindLaw Staff

Unless the director or officer has knowledge that makes reliance unwarranted, a director or officer, in discharging his or her duties to the corporation, may rely on information, opinions, reports or statements, valuation reports any of which may be written or oral, formal or informal, including financial statements, valuation reports and other financial data, if prepared or presented by any of the following:

(1) An officer or employee of the corporation whom the director or officer believes in good faith to be reliable and competent in the matters presented.

(2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters that the director or officer believes in good faith are within the person's professional or expert competence.

(3) In the case of reliance by a director, a committee of the board of directors of which the director is not a member if the director believes in good faith that the committee merits confidence.

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Cite this article: FindLaw.com - Wisconsin Statutes Corporations (Ch. 180 to 188) § 180.0826. Reliance by directors or officers - last updated January 01, 2022 | https://codes.findlaw.com/wi/corporations-ch-180-to-188/wi-st-180-0826/

Read this complete Wisconsin Statutes Corporations (Ch. 180 to 188) § 180.0826. Reliance by directors or officers on Westlaw. Westlaw subscription required.

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