2014 Iowa Code
TITLE XII - BUSINESS ENTITIES
SUBTITLE 3 - ASSOCIATIONS
CHAPTER 497 - COOPERATIVE ASSOCIATIONS
SECTION 497.33 - Personal liability.
497.33 Personal liability.
Except as otherwise provided in this chapter, a director, officer, employee, or member of the corporation is not liable on the corporation’s debts or obligations and a director, officer, member, or other volunteer is not personally liable in that capacity, for a claim based upon any action taken, or any failure to take action in the discharge of the person’s duties, except for the amount of a financial benefit received by the person to which the person is not entitled, an intentional infliction of harm on the corporation or its members, or an intentional violation of criminal law.
87 Acts, ch 212, §6; 2003 Acts, ch 66, §11; 2004 Acts, ch 1086, §80
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