(a) There shall be no monetary liability on the part of, and no cause of action for damages shall arise against, members of the following organizations for any act or proceeding undertaken or performed within the scope of the functions of any such committee which is formed to maintain the professional standards of the society established by its bylaws, if the committee member acts without malice, has made a reasonable effort to obtain the facts of the matter as to which he or she acts, and acts in reasonable belief that the action taken by him or her is warranted by the facts known to him or her after a reasonable effort to obtain facts:
(1) A duly appointed committee of a state or local professional society;
(2) A professional services review organization appointed pursuant to state or federal statute; or
(3) A duly appointed committee of a medical staff of a licensed hospital, provided that the medical staff operates pursuant to written bylaws that have been approved by the governing board of the hospital.
(b) “Professional society” as used in this section, includes societies of the healing arts, legal, accounting, architectural, and engineering professions having as members at least a majority of the eligible licentiates in the profession served by the particular body.