Section 37-4-3 Officers and directors occupy fiduciary relationship. - Alabama Statutes

Section 37-4-3

Officers and directors occupy fiduciary relationship.

The officers and directors of every corporation operating as a utility shall be deemed to stand in a fiduciary relation to the corporation, and shall discharge the duties of their respective offices or positions in good faith and with that diligence, care and skill which ordinary prudent men would exercise under similar circumstances and conditions.

(Acts 1932, Ex. Sess., No. 232, p. 233; Code 1940, T. 48, §305.)