1713 - Personal liability of directors. - Pennsylvania Statutes

§ 1713. Personal liability of directors. (a) General rule.--If a bylaw adopted by the shareholders of a business corporation so provides, a director shall not be personally liable, as such, for monetary damages for any action taken unless: (1) the director has breached or failed to perform the duties of his office under this subchapter; and (2) the breach or failure to perform constitutes self- dealing, willful misconduct or recklessness. (b) Exceptions.--Subsection (a) shall not apply to: (1) the responsibility or liability of a director pursuant to any criminal statute; or (2) the liability of a director for the payment of taxes pursuant to Federal, State or local law. (c) Cross reference.--See 42 Pa.C.S. § 8332.5 (relating to corporate representatives). (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days) 1992 Amendment. Act 169 amended subsec. (b). Cross References. Section 1713 is referred to in sections 1504, 1505, 1553, 8943 of this title.