Section 471. Duty of directors and officers

1. Directors and officers shall
  discharge  the  duties  of  their respective positions in good faith and
  with that degree of diligence, care and skill  which  a  prudent  person
  would  exercise  under  similar  circumstances  in  like  positions.  In
  discharging their duties, directors and officers, when  acting  in  good
  faith,  may  rely  (a)  upon  financial  statements  of the credit union
  represented to them to be  correct  by  the  executive  officer  or  the
  officer  of  the  credit union having charge of the books of account, or
  stated in a written report by an independent public or certified  public
  accountant  or  firm of such accountants fairly to reflect the financial
  condition of such credit union, and (b)  upon  reports  required  to  be
  submitted  to  them  by any provision of this chapter or prepared in the
  ordinary course of business by an officer or committee charged with  the
  responsibility  therefor.  Nothing  in  this  section shall be deemed to
  require the directors to perform  functions  vested  in  any  committee,
  officer  or other person pursuant to the provisions of any other section
  of this chapter.
    2. An action may be brought against one or more directors or  officers
  of a credit union to procure a judgment for the following relief:
    (a) To compel the defendant to account for his official conduct in the
  following cases:
    (i)  The  neglect of, or failure to perform, or other violation of his
  duties in the management and disposition of the  credit  union's  assets
  committed to his charge.
    (ii)  The acquisition by himself, transfer to others, loss or waste of
  the credit union's assets due to any neglect of or failure  to  perform,
  or other violation of his duties.
    (b)  To  set  aside a conveyance, assignment or transfer of the credit
  union's assets by one or more  directors  or  officers,  contrary  to  a
  provision of law, where the transferee knew the purpose of the transfer.
    (c)  To enjoin such a conveyance, assignment or transfer of the credit
  union's assets by one or more of the directors or officers  where  there
  is good reason to apprehend that it will be made.
    3.  Subject  to  section  six  hundred  thirty-one of this chapter, an
  action may be brought for the relief  provided  in  this  section  by  a
  credit union or an officer, director or judgment creditor thereof.
    4.  This  section  shall not affect any liability otherwise imposed by
  law upon any director or officer.