4080

(a) General rule.— The authority and powers vested in every public benefit corporation organized under this chapter or in the directors and officers thereof, described in the certificate of incorporation or instrument with similar force and effect, or the corporate bylaws shall be enjoyed and exercised by the corporation or the directors or officers thereof, as the case may be, for the furtherance of the public benefits included in the certificate of incorporation, considering the balance of interests and factors described in § 4078(b) of this title and for the proper conduct of its business and affairs.\n(b) Exoneration of personal liability.— Except as provided in the certificate of incorporation and bylaws of a public benefit corporation, a director or an officer shall not be personally liable for monetary damages arising from an action or inaction for any business decision made in good faith pursuant to the general public benefit stated in its certificate of incorporation, except for gross negligence, willful action, or undue use of privileged information, known as insider trading.\nHistory —Dec. 16, 2009, No. 164, added as § 23.10 on Dec. 22, 2015, No. 233, § 8, eff.

except for gross negligence, willful action, or undue use of privileged information, known as insider trading.\nHistory —Dec. 16, 2009, No. 164, added as § 23.10 on Dec. 22, 2015, No. 233, § 8, eff. 90 days after Dec. 22, 2015.