Okla. Stat. tit. 18 § 867

Current through Laws 2024, c. 453.

Section 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.

Okla. Stat. tit. 18, § 867

Added by Laws 1987, c. 166, § 1, eff. 11/1/1987.