A. A person who serves as a director, officer, or trustee of a homeowners association and who is not compensated for such services on a salary basis 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 director, officer, or trustee of that association, or arising out of the management of the affairs of that association, provided he 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. B. For purposes of this Section, "homeowners association" means any of the following: (1) A condominium association as defined in the Louisiana Condominium Act, R.S. 9:1121.101 et seq. (2) A timeshare association as defined in the Louisiana Timesharing Act, R.S. 9:1131.1 et seq. (3) A lot owners association as defined in the Louisiana Planned Community Act, R.S. 9:1141.1 et seq. (4) An association defined by Section 528(c) of the Internal Revenue Code of 1986, as amended.
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