17-10-220. Limitation of director's liability.
(a) A director's personal liability to the cooperative or members for monetary damages for breach of fiduciary duty as a director may be eliminated or limited in the articles except as provided in subsection (b) of this section.
(b) The articles may not eliminate or limit the liability of a director:
(i) For a breach of the director's duty of loyalty to the cooperative or its members;
(ii) For acts or omissions that are not in good faith or involve intentional misconduct or a knowing violation of law;
(iii) For a transaction from which the director derived an improper personal benefit; or
(iv) For an act or omission occurring before the date when the provision in the articles eliminating or limiting liability becomes effective.