Section 43-38-611 - Limitation of director's liability(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.Acts 2004, ch. 534, § 25.