2019 New Mexico Statutes
Chapter 53 - Corporations
Article 4 - Cooperative Associations
Section 53-4-18.2 - Liability of directors.

Universal Citation: NM Stat § 53-4-18.2 (2019)

No director of the association shall be personally liable to the association or its members for monetary damages for breach of fiduciary duty as a director unless:

A. the director has breached or failed to perform the duties of the director's office in compliance with Section 53-4-18.1 NMSA 1978; and

B. the breach or failure to perform constitutes willful misconduct or recklessness.

The provisions of this section shall, however, only eliminate the liability of a director for action taken as a director or any failure to take action as a director at meetings of the board of directors or of a committee of the board of directors on or after the date when the provisions of this section become effective.

History: 1978 Comp., § 53-4-18.2, enacted by Laws 1987, ch. 238, § 3.


Compiler's notes. — The phrase "the date when the provisions of this section become effective" in the last sentence refers to April 9, 1987, the effective date of Laws 1987, Chapter 238.

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.