Wisconsin Statutes 193.465 – Limitation of director’s liability in articles or bylaws
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The articles or bylaws may eliminate or limit a director’s personal liability to the cooperative or its members for monetary damages for violating s. 193.455 (1) (a), except that neither the articles nor the bylaws may eliminate or limit the liability of a director for any of the following:
Terms Used In Wisconsin Statutes 193.465
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
(1) A breach of the director’s duty of loyalty to the cooperative or its members.
(2) An act or omission not in good faith or that involves intentional misconduct or a knowing violation of law.
(3) A transaction from which the director derived an improper personal benefit.
(4) An act or omission occurring before the date on which the provision in the articles or bylaws eliminating or limiting liability becomes effective.
(5) A knowing violation of ch. 408, subject to s. 193.605, or illegal distributions of cooperative assets.