Alabama Statutes
§ 37-4-3 — Officers and Directors Occupy Fiduciary Relationship
Alabama·Title 37 Public Utilities and Public Transportation·Ch. 4 Public Utilities Other Than Transportation Companies or Motor Vehicle Carriers·Art. 1 Rate and Other Regulations
The officers and directors of every corporation operating as a utility shall be deemed to stand in a fiduciary relation to the corporation, and shall discharge the duties of their respective offices or positions in good faith and with that diligence, care and skill which ordinary prudent men would exercise under similar circumstances and conditions.
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Legislative History
(Acts 1932, Ex. Sess., No. 232, p. 233; Code 1940, T. 48, §305.)
Nearby Sections
15
§ 37-1-1
Commission Established§ 37-1-100
Effective Date of Orders§ 37-1-101
Modification of Orders§ 37-1-102
Record of Proceedings§ 37-1-105
Rehearing§ 37-1-122
Time for Appeal; How Appeal Perfected