South Carolina § 54-3-80 Discharge of duties by members of board of directors.

South Carolina Statutes

§ 54-3-80 — Discharge of duties by members of board of directors.

South Carolina·Title 54 PORTS AND MARITIME MATTERS·Ch. 3 SOUTH CAROLINA STATE PORTS AUTHORITY

(A)A member of the board of directors shall discharge his duties as a director, including his duties as a member of a committee:

(1)in good faith;

(2)with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) in a manner he reasonably believes to be in the best interests of the authority. As used in this chapter, best interests means a balancing of the following:

(a)achieving the purposes of the authority as provided in Section 54-3-130;

(b)preservation of the financial integrity of the State Ports Authority and its ongoing operations;

(c)economic development and job attraction and retention;

(d)consideration given to diminish or mitigate any negative effect port operations or expansion may have upon the environment, transportat

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(A) A member of the board of directors shall discharge his duties as a director, including his duties as a member of a committee: (1) in good faith; (2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (3) in a manner he reasonably believes to be in the best interests of the authority. As used in this chapter, best interests means a balancing of the following: (a) achieving the purposes of the authority as provided in Section 54-3-130; (b) preservation of the financial integrity of the State Ports Authority and its ongoing operations; (c) economic development and job attraction and retention; (d) consideration given to diminish or mitigate any negative effect port operations or expansion may have upon the environment, transportation infrastructure, and quality of life of residents in communities located near existing or proposed port facilities; and (e) exercise of the powers of the authority in accordance with good business practices and the requirements of applicable licenses, laws, and regulations. (B) In discharging his duties, a director is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) one or more officers or employees of the State whom the director reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or (3) a committee of the board of directors of which he is not a member if the director reasonably believes the committee merits confidence. (C) A director is not acting in good faith if he has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (B) unwarranted. (D) Nothing in this article gives rise to a cause of action against a member of the board of directors or any decision of the board of directors regarding duties of the individual director or the board of directors concerning port operations or development. Wilful failure of the board or any individual member of the board to discharge his duties as required by this article may be considered by the Governor in determining whether to reappoint a board member or in the confirmation proceedings of that board member.

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