Arkansas Statutes
§ 8-7-707 — Director and officer liability
Arkansas·Title 8
No director or officer of a corporation whose sole purpose as stated in its articles of incorporation is to own, implement a response action at, or hold one (1) or more hazardous sites, shall be liable to any person or entity for any action of the corporation reasonably related to the stated purpose of the corporation. This section shall not apply to any action of the corporation resulting from the gross negligence or willful misconduct of a director or officer of said corporation.
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Legislative History
Acts 1989, No. 350, § 8.
Nearby Sections
15
§ 8-1-101
Purpose§ 8-1-102
Definitions§ 8-1-103
Powers and duties§ 8-1-104
Existing rules§ 8-1-108
Investments§ 8-1-201
Legislative intent§ 8-1-204
Administrative law judge§ 8-1-205
§ 8-1-205