Section 1058

Section 1058. Discharge of Duty. -- An Indemnified Representative shall be deemed to have discharged his or her duty to the Association if he or she has relied in good faith on information, advice or an opinion, report or statement prepared by: 

(1) one or more officers or employees of the Association whom such Indemnified Representative reasonably believes to be reliable and competent with respect to the matter presented; 

(2) legal counsel, public accountants or other persons as to matters that the Indemnified Representative reasonably believes are within the professional or expert competence of such person; or 

(3) a committee of the Board of Governors on which he or she does not serve as to matters within its area of designated authority, which committee he or she reasonably believes to merit confidence.

 

 

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