US Laws, Codes, Statutes & Cases

 
  § 720-a. Liability of directors, officers and trustees.
    Except  as  provided  in  sections  seven  hundred  nineteen and seven
  hundred twenty of this chapter, and  except  any  action  or  proceeding
  brought  by  the attorney general or, in the case of a charitable trust,
  an action or proceeding against a trustee brought by  a  beneficiary  of
  such  trust,  no  person  serving  without  compensation  as a director,
  officer or trustee of a corporation, association, organization or  trust
  described  in  section 501 (c) (3) of the United States internal revenue
  code shall  be  liable  to  any  person  other  than  such  corporation,
  association, organization or trust based solely on his or her conduct in
  the  execution  of  such  office  unless  the  conduct of such director,
  officer or trustee  with  respect  to  the  person  asserting  liability
  constituted gross negligence or was intended to cause the resulting harm
  to  the  person  asserting such liability. For purposes of this section,
  such a director, officer or trustee shall not be considered  compensated
  solely  by  reason  of payment of his or her actual expenses incurred in
  attending meetings or otherwise in the execution of such office.