A law that holds that directors will have no liability for breach of the duty of care in the absence of willful misconduct or recklessness and that does not require board or shareholder action is called a(n):

Question

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A law that holds that directors will have no liability for breach of the duty of care in the absence of willful misconduct or recklessness and that does not require board or shareholder action is called a self-executing statute. These are called self-executing statutes because they are automatically effective. No board or shareholder action is necessary to trigger their applicability.

A Law That Holds That Directors Will Have No Liability