The articles may contain a provision eliminating or limiting the personal liability of a director, officer, or interest holder of the cooperative for monetary damages for breach of a fiduciary duty as a director, officer, or interest holder, provided that the provision does not eliminate or limit liability for any of the following:
1. A breach of the duty of loyalty to the cooperative or its interest holders.
2. An act or omission not in good faith or which involves intentional misconduct or a knowing violation of law.
3. A transaction from which the director, officer, or interest holder derives an improper personal benefit.
4. An act or omission occurring prior to the date when the provision in the articles becomes effective.
96 Acts, ch 1010, §28; 98 Acts, ch 1152, §18, 19, 69
Referred to in § 501.406
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