Civil Code §817.4. Breach of Fiduciary Duty Claim against Housing Cooperative or Housing Cooperative Trust

California Civil Code  >  Civil Code §817.4. Breach of Fiduciary Duty Claim against Housing Cooperative or Housing Cooperative Trust

(a) In any action instituted on or after January 1, 2010, against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with the requirements of this chapter, a prevailing plaintiff may recover reasonable attorney’s fees and costs.
 (b) If an organization formed under this chapter uses public funds, it shall not use any corporate funds to avoid compliance with this chapter or to pursue dissolution if the intent or outcome is for some or all of the members to receive any payment in excess of the transfer value to which he or she is entitled pursuant to subdivision (b) of Section 817. [2009]

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