No director of the association shall be personally liable to the association or its members for monetary damages for breach of fiduciary duty as a director unless: A. the director has breached or failed to perform the duties of the director's office in compliance with Section 53-4-18.1 NMSA 1978; and B. the breach or failure to perform constitutes willful misconduct or recklessness. The provisions of this section shall, however, only eliminate the liability of a director for action taken as a director or any failure to take action as a director at meetings of the board of directors or of a committee of the board of directors on or after the date when the provisions of this section become effective. History: 1978 Comp., § 53-4-18.2, enacted by Laws 1987, ch. 238, § 3. ANNOTATIONSCompiler's notes. — The phrase 'the date when the provisions of this section become effective' in the last sentence refers to April 9, 1987, the effective date of Laws 1987, Chapter 238.
New Mexico Legal Code