The Act changes the provisions relating to the responsibilities and standard of care for directors and officers of banks, trust companies, and corporations. The Act codifies the business judgment rule. The operative liability standard for directors and officers is gross negligence, as opposed to simple negligence, and directors and officers may rely on other individuals in the performance of their duties. A rebuttable presumption exists that directors and officers act in good faith.
Caroline G. Mayson & Jesse C. Moore,
HB 192 - Banking and Finance,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol34/iss1/1
Banking and Finance Law Commons, Business Organizations Law Commons, Legislation Commons