Oklahoma Statutes (Last Updated: September 18, 2014)

§ 18-867. Director - Breach of fiduciary duty - Liability.

Latest version.

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.

Added by Laws 1987, c. 166, § 1, eff. Nov. 1, 1987.

                    
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