“FIDUCIARY DUTIES” OF CONDO BOARD DIRECTORS

http://www.davis-stirling.com/FiduciaryDutiesofDirectors/tabid/1542/Default.aspx#axzz3A611AvNH
“DUTY OF LOYALTY (No Self-Dealing). Directors must act in the best interests of the association even if at the expense of their own interests. This is more than just embezzlement of funds; it includes steering contracts to family members or taking actions that result in personal benefits to the director at the expense of the association. Violation could result in (i) liability for all profits received, (ii) all damages caused by the breach, and (iii) punitive damages.”