New York Laws
Article 7 - Directors and Officers
720-A - Liability of Directors, Officers, Trustees and Key Persons.

Except as provided in sections seven hundred nineteen and seven
hundred twenty of this chapter, and except any action or proceeding
brought by the attorney general or, in the case of a charitable trust,
an action or proceeding against a trustee brought by a beneficiary of
such trust, no person serving without compensation as a director,
officer, key person or trustee of a corporation, association,
organization or trust described in section 501 (c) (3) of the United
States internal revenue code shall be liable to any person other than
such corporation, association, organization or trust based solely on his
or her conduct in the execution of such office unless the conduct of
such director, officer, key person or trustee with respect to the person
asserting liability constituted gross negligence or was intended to
cause the resulting harm to the person asserting such liability. For
purposes of this section, such a director, officer, key person or
trustee shall not be considered compensated solely by reason of payment
of his or her actual expenses incurred in attending meetings or
otherwise in the execution of such office.