501A.714 - LIMITATION OF LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES, MEMBERS, AND VOLUNTEERS.
501A.714 LIMITATION OF LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES, MEMBERS, AND VOLUNTEERS. Except as otherwise provided in this chapter, a director, officer, employee, or member of the cooperative is not liable for the cooperative's debts or obligations, and a director, officer, member, or other volunteer is not personally liable in that capacity for a claim based upon any action taken, or any failure to take action in the discharge of the person's duties, except for the amount of a financial benefit received by the person to which the person is not entitled, an intentional infliction of harm to the cooperative or its members or patrons, or an intentional violation of criminal law.
Section History: Recent Form 2005 Acts, ch 135, §48 Referred to in § 501A.715