(1) A person is not personally liable for an act or omission the person does or fails to do in good faith and in compliance with a statute, rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the statute, rule or order is later amended, rescinded or determined to be invalid by judicial or other authority.

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(2) A director or officer of a credit union is not personally liable to the credit union or to members of the credit union for damages that result from the director’s or officer’s exercising judgment or discretion in connection with the director’s or officer’s duties or responsibilities or from the director’s or officer’s act or omission in rendering service to the credit union, except to the extent that, in exercising judgment or discretion or in rendering service to the credit union, the director or officer fails to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner that the director or officer reasonably believes is in the best interests of the credit union.

(3)(a) A director, in discharging the director’s duties, may rely on information, opinions, reports or statements, including financial statements and other financial data that any of the following persons prepare or present:

(A) An officer or employee of the credit union that the director reasonably believes is competent and reliable with respect to the matters the officer or employee prepares or presents;

(B) Legal counsel, public accountants or other persons with respect to matters that the director reasonably believes are within the counsel’s, accountant’s or other person’s professional or expert competence; or

(C) A committee of the board of directors of which the director is not a member if the director reasonably believes that the committee merits the director’s confidence.

(b) A director does not act in good faith, with due care or in a manner that the director reasonably believes is in the interests of the credit union if the director has knowledge concerning a matter that makes the director’s reliance on the information, opinions, reports, statements or data described in paragraph (a) of this subsection unwarranted.

(4) This section does not bar a cause of action against the credit union or change any liability of the credit union that arises out of an act or omission of a director, officer or other who is exempt from liability for negligence under this section. [1999 c.185 § 38; 2013 c.480 § 7]