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§ 867. Director--Breach of fiduciary duty--Liability

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 19. Nonprofit Corporations
18 Okl.St.Ann. § 867
§ 867. Director--Breach of fiduciary duty--Liability
In addition to the immunity provisions of Section 866 of Title 18 of the Oklahoma Statutes, no member of the board of directors of a nonprofit corporation shall be personally liable to the corporation, or members thereof, for monetary damages for breach of fiduciary duty as a director, provided that such immunity from liability shall not extend to:
1. any breach of the director's duty of loyalty to the corporation; or
2. any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; or
3. any transaction from which the director derived an improper personal benefit.

Credits

Laws 1987, c. 166, § 1, eff. Nov. 1, 1987.
18 Okl. St. Ann. § 867, OK ST T. 18 § 867
Current with emergency effective legislation through Chapter 316 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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