Revised Code of Washington - RCW Title 31 Miscellaneous Loan Agencies - Section 31.12.267 Directors and officers -- Fiduciary relationship

§ 31.12.267. Directors and officers -- Fiduciary relationship

Directors, board officers, and senior operating officers are deemed to stand in a fiduciary relationship to the credit union, and must discharge the duties of their respective positions:

(1) In good faith;

(2) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(3) In a manner the director or officer reasonably believes to be in the best interests of the credit union.

[2001 c 83 § 9; 1997 c 397 § 19.]

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Last modified: April 7, 2009