A state bank has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article 109 of title 7. State bank directors, officers, employees, and agents have the same rights as directors, officers, employees, and agents, respectively, of corporations for profit as set forth in article 109 of title 7. State bank directors and officers have the benefit of the same limitations on personal liability for any injury to person or property arising out of a tort as set forth in section 7-108-403, for directors and officers, respectively, of corporations for profit. Any reference in said sections to shareholders shall be construed to refer to stockholders for the purposes of this section.
Source: L. 2003: Entire article added with relocations, p. 1095, § 3, effective July 1. L. 2019: Entire section amended, (SB 19-086), ch. 166, p. 1966, § 69, effective July 1, 2020.
Editor's note: This section is similar to former § 11-3-121 as it existed prior to 2003.