C.R.S. § 7-80-1216: Public benefit artist company - duties of members and managers.

(1) The members or managers or other persons with authority to manage or direct the business and affairs of a public benefit artist company shall manage or direct the business and affairs of the public benefit artist company in a manner that balances:

(a) The pecuniary interests of the members;

(b) The best interests of those materially affected by its conduct;

(c) The specific public benefits set forth in its articles of organization and operating agreement, if any; and

(d) Its artistic mission.

(2) Unless otherwise provided in an operating agreement, a member, a manager, or other person with authority to manage or direct the business and affairs of a public benefit artist company does not have any liability for monetary damages for the failure to manage or direct the business and affairs of the public benefit artist company as provided in subsection (1) of this section.

(3) A member or manager of a public benefit artist company or another person with authority to manage or direct the business and affairs of a public benefit artist company shall not, by virtue of the public benefits provisions of this part 12 or subsection (1) of this section, have any duty to a person on account of any interest of the person in the public benefits set forth in its articles of organization and operating agreement, if any, or on account of any interest materially affected by the public benefit artist company's conduct.

(4) With respect to a decision implicating the balance requirement set forth in subsection (1) of this section, a member, a manager, or other person with authority to manage or direct the business and affairs of a public benefit artist company is deemed to satisfy the person's fiduciary duties to members and the public benefit artist company if the person's decision is both informed and disinterested and not a decision that a person of ordinary, sound judgment would not approve.