17-6422. Reliance by director or committee member upon corporate records and information. A member of the board of directors, or a member of any committee designated by the board of directors, shall be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of its officers or employees, or committees of the board of directors, or by any other person as to matters the director reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation, as to the value and amount of the assets, liabilities or net profits of the corporation or any other facts pertinent to the existence and amount of surplus or other funds from which dividends might properly be declared and paid, or with which the corporation's stock might properly be purchased or redeemed.
History: L. 1972, ch. 52, § 49; L. 1988, ch. 99, § 19; Revived and amend., L. 1988, ch. 100, § 19; L. 1992, ch. 270, § 8; L. 2004, ch. 143, § 21; L. 2016, ch. 110, § 44; July 1.
Structure Kansas Statutes
Article 64 - Stock And Dividends
17-6402 Lawful consideration for issuance of stock; fully paid stock.
17-6404 Same; designation of part of consideration as capital; surplus and net assets defined.
17-6405 Fractional shares; certificated or uncertificated shares.
17-6406 Partly paid certificated shares.
17-6407 Rights and options concerning stock; powers of board of directors, limitations.
17-6408 Stock certificates; uncertificated shares.
17-6409 Shares of stock deemed personal property and transferable; taxation.
17-6411 Issuance of additional stock by directors, when.
17-6412 Liability of stockholder or subscriber for stock not paid in full; limitations of time.
17-6413 Payment for stock; rights of directors concerning stock not paid in full.
17-6414 Failure to pay for stock; remedies.
17-6415 Preincorporation subscriptions; period of irrevocability.
17-6416 Formalities required of stock subscriptions.
17-6419 Situs of ownership of stock.
17-6421 Special purpose reserves.
17-6422 Reliance by director or committee member upon corporate records and information.
17-6423 Dividends; method of payment.
17-6426 Transfer or ownership of securities; restrictions.
17-6427 Business combinations with interested stockholders.
17-6428 Ratification of defective corporate acts and stock.
17-6429 Proceedings regarding validity of defective corporate acts and stock.