§ 42-116-30 - Liability of the corporation.
SECTION 42-116-30
§ 42-116-30 Liability of the corporation.– The corporation is, subject to the period of limitations set forth in §9-1-25, liable in actions of tort only to the extent that those actions do notarise from the performance of any functions found or deemed to be essential ordiscretionary governmental functions. Any recovery in an action or any recoveryby any person in one or more of any actions against the corporation, itsdirectors, employees, or agents shall not exceed one hundred thousand dollars($100,000) per plaintiff in the absence of fraud or willful misconduct. In theabsence of fraud or willful misconduct, the directors are not personally liableto any party on account of any action (whether tort or otherwise) arising fromor related to the manner or terms of the disposition of the corporation'sassets, nor shall the manner or terms of the disposition constitute a defenseto any obligation owed to the corporation.