No one who made or performed on a contract in violation of BOIA or who acquired any right under the contract with knowledge of the facts that give rise to the violation can bring any cause of action based on the contract. Any condition, stipulation, or provision binding anyone acquiring a business opportunity to waive compliance with BOIA or associated regulations or orders is void.

The statute of limitations for this section is six years.

PERSONAL LIABILITY OF DIRECTORS AND OFFICER FOR BREACHING DUTY TO CORPORATION OR SHAREHOLDERS

The law requires that corporate directors and officers carry out their duties to their corporation in certain ways or they may be personally liable to shareholders or to the corporation itself. For example, the law requires directors to discharge their duties (1) in good faith, (2) with the care an ordinarily prudent person in a similar position would exercise under similar circumstances, and (3) in a manner they reasonably believe to be in the corporation's best interest (CGS §33-756).