A person who serves as a trustee or officer of a special charitable trust qualified as a tax-exempt organization under Section 501(c) of the Internal Revenue Code of 1986, as amended, and who is compensated for such services shall not be individually liable for any act or omission resulting in damage or injury, arising out of the exercise of his judgment in the formation and implementation of policy while acting as a trustee or officer of the special charitable trust, or arising out of the management of the affairs of the special charitable trust, provided that the person was acting in good faith and within the scope of his official functions and duties, unless such damage or injury was caused by his willful or wanton misconduct.
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