A. If an officer has discretionary authority with respect to any duties, an officer's duties shall be discharged under that authority:
1. In good faith.
2. With the care an ordinarily prudent person in a like position would exercise under similar circumstances.
3. In a manner the officer reasonably believes to be in the best interests of the corporation.
B. In discharging duties, an officer is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by either:
1. One or more directors, officers or employees of the corporation whom the officer reasonably believes to be reliable and competent in the matters presented.
2. Legal counsel, public accountants or other persons as to matters the officer reasonably believes are within the person's professional or expert competence.
C. An officer is not acting in good faith if the officer has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection B of this section unwarranted.
Notes of Decisions
TM2008 Investments, Inc. v. Procon Capital Corp., 323 P.3d 704 (Ariz. Ct. App. 2014).
· cites it 2× “§ 10-830(A) (establishing fiduciary duties for director of corporation); A.R.S. § 10-842(A) (establishing fiduciary duties for officer of corporation with discretionary authority); A.”
Wichansky v. Zowine, 150 F. Supp. 3d 1055 (D. Ariz. 2015).
· cites it 2× “” A.R.S. § 10-842(A). See also A.R.S. § 10-830(A) (duties of directors).”
Singh v. Malhotra (Ariz. Ct. App. 2018).
· cites it 2× “See A.R.S. § 10-842(A), (D). Here, however, there is no evidence that any compensation was paid to Saguaro for the assignment of the Havasu Regional Medical Center [contract] to Polaris, in which Defendant had an interest, and there is no evidence that any corporate purpose was…”
— Ariz. Rev. Stat. § 10-842(A) — 3 cases
TM2008 Investments, Inc. v. Procon Capital Corp., 323 P.3d 704 (Ariz. Ct. App. 2014).
“§ 10-830(A) (establishing fiduciary duties for director of corporation); A.R.S. § 10-842(A) (establishing fiduciary duties for officer of corporation with discretionary authority); A.”
Wichansky v. Zowine, 150 F. Supp. 3d 1055 (D. Ariz. 2015).
“” A.R.S. § 10-842(A). See also A.R.S. § 10-830(A) (duties of directors).”
Singh v. Malhotra (Ariz. Ct. App. 2018).
“See A.R.S. § 10-842(A), (D). Here, however, there is no evidence that any compensation was paid to Saguaro for the assignment of the Havasu Regional Medical Center [contract] to Polaris, in which Defendant had an interest, and there is no evidence that any corporate purpose was…”
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