Reliance by director or committee member upon corporate records and information

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 amended, L. 1988, ch. 100, § 19; L. 1992, ch. 270, § 8; L. 2004, ch. 143, § 21; L. 2016, ch. 110, § 44; July 1. Source or Prior Law: 17-3507; 8 Del. C. § 172. Cross References to Related Sections: Similar provisions with general application, see 17-6301 (e). Judgment of directors as to consideration for stock, see 17-6402, 17-6403. Determination of capital, "surplus" and "net assets" defined, see 17-6404. Judgment of directors as to preemptive rights or stock options, see 17-6407. Declaration and payment of dividends, see 17-6420. Special purpose reserves, see 17-6421. Method of paying dividends, see 17-6423. Retirement of capital stock, see 17-6603. Reduction of capital, see 17-6604. Law Review and Bar Journal References: "Teaching An Old Dog New Tricks: Recent Amendments to the Kansas General Corporation Code," Danton B. Rice, 57 J.K.B.A. No. 7, 19, 21, 22 (1988). "Crisis in the Board Room/The Impact on Savings and Loan Management after FSLIC v. Huff," Robert S. Jones, 11 J.K.T.L.A. No. 4, 16, 17 (1988). CASE ANNOTATIONS 1. On question certified relative to K.S.A. 60-258a, standards of duty on savings and loan association officers discussed. Federal Savings & Loan Ins. Corp. v. Huff, 237 Kan. 873, 880, 704 P.2d 372 (1985). Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents USEFUL LINKS Session Laws Kansas Administrative Regulations OTHER LEGISLATIVE SITES Kansas Legislature Administrative Services Division of Post Audit Research Department Contact Us PDF Help www.ksrevisor.gov 2026