17:9A-197.1. Savings bank official immunity
Notwithstanding the provisions of section 197 of P.L. 1948, c. 67 (C. 17:9A-197), a savings bank may, by amending its certificate of incorporation in the manner provided in section 198 of P.L. 1948, c. 67 (C. 17:9A-198), provide that a manager or officer shall not be personally liable, or shall be liable only to the extent therein provided, to the savings bank or its depositors for damages for breach of any duty owed to the savings bank or its depositors, except that such provision shall not relieve a manager or officer from liability for an act or omission (a) in breach of such person's duty of loyalty to the savings bank or its depositors, (b) not in good faith or involving a knowing violation of law or (c) resulting in receipt by such person of an improper personal benefit. As used in this section, an act or omission in breach of a person's duty of loyalty means an act or omission which that person knows or believes to be contrary to the best interests of the savings bank or its depositors in connection with a matter in which he has a material conflict of interest.
The Commissioner of Banking shall approve such amendment unless he finds that it unreasonably affects the interests of the depositors.
L. 1987, c. 35, s. 11; amended 1989,c.17,s.8.
Section: Previous 17-9a-191 17-9a-192 17-9a-193 17-9a-194 17-9a-195 17-9a-196 17-9a-197 17-9a-197.1 17-9a-198 17-9a-199 17-9a-200 17-9a-201 17-9a-202 17-9a-203 17-9a-204 Next
Last modified: October 11, 2016