(1) In discharging the duties of an officer, an officer is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:
(a) One or more officers or employees of the banking institution whom the officer reasonably believes to be reliable and competent in the matters presented; or
(b) Legal counsel, public accountants or other persons as to matters the officer reasonably believes are within the personís professional or expert competence.
(2) An officer is not acting in good faith if the officer has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (1) of this section unwarranted. [1997 c.631 §94]Section: Previous 707.640 707.642 707.644 707.646 707.648 707.650 707.660 707.665 707.670 707.675 707.680 707.690 707.700 707.705 707.710 Next
Last modified: August 7, 2008