No member of a duly appointed committee formed by a professional society to maintain the professional standards of the society as established by its bylaws shall be individually liable for defamation in or arising out of any act or proceeding undertaken or performed unless the member:
(1) Acted outside the scope of functions for which the committee was formed;
(2) Acted with malice;
(3) Was grossly negligent regarding the truth or falsity of any matters; or
(4) Failed to use a reasonable effort to discover the truth.