§ 720-A — Liability of directors, officers, trustees and key persons

New York § 720-A

• Jurisdiction: New York
• Law NPC: Not-for-Profit Corporation
• Art. 7: Directors and Officers

Text

§ 720-a. Liability of directors, officers, trustees and key persons.\n Except as provided in sections seven hundred nineteen and seven\nhundred twenty of this chapter, and except any action or proceeding\nbrought by the attorney general or, in the case of a charitable trust,\nan action or proceeding against a trustee brought by a beneficiary of\nsuch trust, no person serving without compensation as a director,\nofficer, key person or trustee of a corporation, association,\norganization or trust described in section 501 (c) (3) of the United\nStates internal revenue code shall be liable to any person other than\nsuch corporation, association, organization or trust based solely on his\nor her conduct in the execution of such office unless the conduct of\nsuch director, officer, key person or trustee with respect to the person\nasserting liability constituted gross negligence or was intended to\ncause the resulting harm to the person asserting such liability. For\npurposes of this section, such a director, officer, key person or\ntrustee shall not be considered compensated solely by reason of payment\nof his or her actual expenses incurred in attending meetings or\notherwise in the execution of such office.\n