§ 55A-8-60. Immunity. - North Carolina Statutes

Part 6. Immunity.

§ 55A‑8‑60. Immunity.

(a)        In addition to theimmunity that is authorized in G.S. 55A‑2‑02(b)(4), a personserving as a director or officer of a nonprofit corporation shall be immuneindividually from civil liability for monetary damages, except to the extentcovered by insurance, for any act or failure to act arising out of thisservice, except where the person:

(1)        Is compensated forhis services beyond reimbursement for expenses;

(2)        Was not actingwithin the scope of his official duties;

(3)        Was not acting ingood faith;

(4)        Committed grossnegligence or willful or wanton misconduct that resulted in the damage orinjury;

(5)        Derived an improperpersonal financial benefit from the transaction;

(6)        Incurred theliability from the operation of a motor vehicle; or

(7)        Is a defendant in anaction brought under G.S. 55A‑8‑33.

The immunity in this subsectionmay be limited or eliminated by a provision in the articles of incorporation,but only with respect to acts or omissions occurring on or after the effectivedate of such provision.

(b)        The immunity insubsection (a) of this section is personal to the directors and officers, anddoes not immunize the corporation against liability for the acts or omissionsof the directors or officers.

(c)        Without diminishingthe applicability of any other provisions of this Chapter, "nonprofitcorporation" as referred to in this section shall include any credit unionchartered under the laws of this State, the laws of any other state, or underthe laws of the United States. (1987, c. 799, s. 3; 1989, c.472; 1993, c. 398, s. 1.)