§ 17-10-220 — Limitation of director's liability

(a) A director's personal liability to the cooperative or
members for monetary damages for breach of fiduciary duty as a
director may be eliminated or limited in the articles except as
provided in subsection (b) of this section.
(b) The articles may not eliminate or limit the liability
of a director:
(i) For a breach of the director's duty of loyalty to
the cooperative or its members;
(ii) For acts or omissions that are not in good faith
or involve intentional misconduct or a knowing violation of law;
(iii) For a transaction from which the director
derived an improper personal benefit; or
(iv) For an act or omission occurring before the date
when the provision in the articles eliminating or limiting
liability becomes effective.