Iowa Code § 501.407
Personal liability — indemnification
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. The articles may contain a provision eliminating or limiting the personal liability of a director, officer, or interest holder of the cooperative for money damages for any action taken, or any failure to take action as a director, officer, or interest holder, except liability for any of the following:
1. The articles may contain a provision eliminating or limiting the personal liability of a director, officer, or interest holder of the cooperative for money damages for any action taken, or any failure to take action as a director, officer, or interest holder, except liability for any of the following:
a. An intentional infliction of harm on the cooperative or its members.
a. An intentional infliction of harm on the cooperative or its members.
b. An intentional violation of criminal law.
b. An intentional violation of criminal law.
c. The amount of a financial benefit received by the person to which the person is not entitled.
c. The amount of a financial benefit received by the person to which the person is not entitled.
d. An act or omission occurring prior to the date when the provision in the articles becomes effective.
d. An act or omission occurring prior to the date when the provision in the articles becomes effective.
2. The articles may contain a provision permitting or making obligatory indemnification of a director or officer for liability, as defined in section 501.411, to any person for any action taken, or any failure to take any action, as a director or officer, except liability for any of the following:
2. The articles may contain a provision permitting or making obligatory indemnification of a director or officer for liability, as defined in section 501.411, to any person for any action taken, or any failure to take any action, as a director or officer, except liability for any of the following:
a. Receipt of a financial benefit to which the person is not entitled.
a. Receipt of a financial benefit to which the person is not entitled.
b. An intentional infliction of harm on the cooperative or its members.
b. An intentional infliction of harm on the cooperative or its members.
c. An intentional violation of criminal law.
c. An intentional violation of criminal law.
96 Acts, ch 1010, §28; 98 Acts, ch 1152, §18, 19, 69; 2003 Acts, ch 66, §15; 2004 Acts, ch 1101, §69
96 Acts, ch 1010, §28; 98 Acts, ch 1152, §18, 19, 69; 2003 Acts, ch 66, §15; 2004 Acts, ch 1101, §69
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.