The association shall have the same powers, rights, and obligations and shall be subject to the same limitations as apply to domestic corporations as set forth in article 109 of this title 7. Association directors, officers, employees, and agents shall have the same rights as directors, officers, employees, and agents, respectively, of domestic corporations as set forth in article 109 of this title 7. Association directors and officers shall 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 domestic corporations. Any reference in said sections to shareholders shall be construed to refer to voting members or voting stockholders, if any, for the purpose of this section.
Source: L. 87: Entire section added, p. 371, § 14, effective May 20. L. 93: Entire section amended, p. 857, § 16, effective July 1, 1994. L. 2003: Entire section amended, p. 2216, § 55, effective July 1, 2004. L. 2019: Entire section amended, (SB 19-086), ch. 166, p. 1964, § 63, effective July 1, 2020.