Washington Code 4.24.264 – Boards of directors or officers of nonprofit corporations — Liability — Limitations
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(1) Except as provided in subsection (2) of this section, a member of the board of directors or an officer of any nonprofit corporation is not individually liable for any discretionary decision or failure to make a discretionary decision within his or her official capacity as director or officer unless the decision or failure to decide constitutes gross negligence.
Terms Used In Washington Code 4.24.264
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) Nothing in this section shall limit or modify in any manner the duties or liabilities of a director or officer of a corporation to the corporation or the corporation’s members.
NOTES:
Preamble—Report to legislature—Applicability—Severability—1986 c 305: See notes following RCW 4.16.160.