RS 9:2792.5
136 words·~1 min read·
/la/title-9/9-706A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
RS 9:2792.5
§2792.5. Limitation of liability of officer; federal or state credit union
A person who serves as a director, officer, or committee member of a federally chartered or state chartered credit union, and who is not compensated for such services on a salary basis, shall not be individually liable for any act or omission resulting in damage or injury, arising out of the exercise of his judgment in the formation and implementation of policy while acting as a director, officer, or committee member of that credit union, or arising out of the management of the affairs of that credit union, provided he was acting in good faith and within the scope of his official functions and duties, unless the damage or injury was caused by his willful or wanton misconduct.
Acts 1988, No. 205, §1.