Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-1-3.21.htm |
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Depth: | 0 singles |
Size: | 1,549 bytes |
Modified: | 2011-01-13 14:51:04 |
Categories: | -None- |
Title: | 10A-1-3.21 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-1-3.21 Rights of governing persons in certain cases. (a) In discharging a duty or exercising a power, a governing person, including a governing person who is a member of a committee, in good faith and with ordinary care, may rely on information, opinions, reports, or statements, including financial statements and other financial data, concerning a domestic entity or another person and prepared or presented by: (1) an officer or employee of the entity; (2) legal counsel; (3) a public accountant or certified public accountant; (4) an investment banker; (5) a person who the governing person reasonably believes possesses professional expertise in the matter; or (6) a committee of the governing authority of which the governing person is not a member. (b) A governing person may not in good faith rely on the information described by subsection (a) if the governing person has knowledge of a matter that makes the reliance unwarranted. (c) A governing person held liable on a claim is entitled to contribution from each of the other governing persons held liable on the same claim, as appropriate to achieve equity. (Act 2009-513, p. 967, ยง18.) |