RCW 24.03A.620
239 words·~1 min read·
/wa/title-24/chapter-24-03a/24-03a-620·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The taking advantage, directly or indirectly, by a director or officer of a business opportunity may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against the director or officer, in a proceeding by or in the right of the nonprofit corporation on the ground that the opportunity should have first been offered to the corporation, if before becoming legally obligated or entitled respecting the opportunity the director or officer brings it to the attention of the corporation and action by the members or the directors disclaiming the corporation's interest in the opportunity is taken in compliance with the procedures set forth in RCW 24.03A.615 , as if the decision being made concerned a conflicting interest transaction.
(2)In any proceeding seeking equitable relief or other remedies, based upon an alleged improper taking advantage of a business opportunity by a director or officer, the fact that the director or officer did not employ the procedure described in subsection
(1)of this section before taking advantage of the opportunity does not support an inference that the opportunity should have been first presented to the nonprofit corporation or alter the burden of proof otherwise applicable to establish that the director or officer breached a duty to the corporation in the circumstances.
[ 2021 c 176 s 2704 .]
Notes:
Effective date — 2021 c 176: See note following RCW 24.03A.005 .