Kansas Statutes Annotated
Updated Through the 2015 Legislative Session

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Statute Number:9-1132
Chapter Title:BANKS AND BANKING; TRUST COMPANIES
Article Title:BANKING CODE; POWERS
Tax Type:Privilege
Brief Description:Personal liability of officers and directors, exceptions.
Keywords:


Body:

9-1132.Personal liability of officers and directors, exceptions.Except for persons who are executive officers, an officer or director of a bank or national banking association shall have no personal liability to the bank, association or the bank's or association's stockholders for monetary damages for breach of duty as an officer or director, except that such liability shall not be eliminated for:
(a) Any breach of the officer's or director's duty of loyalty to the bank, association or the bank's or association's stockholders;
(b) acts or omissions which constitute willful or gross and wanton negligent breach of the officer's or director's duty of care;
(c) acts in violation of K.S.A.9-910,9-911or9-912, and amendments thereto; or
(d) any transaction from which the officer or director derived an improper personal benefit.
History:L. 1993, ch. 288, 1; L. 2015, ch. 38, 63; July 1.



Date Composed: 12/03/2015 Date Modified: 12/04/2015

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