(A) A director shall discharge his duties as a director, including his duties as a member of a committee:

1. (1) in good faith;
2. (2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

3. (3) in a manner he reasonably believes to be in the best interests of the Public Service Authority. As used in this chapter, "best interests" means a balancing of the following:

   1. (a) preservation of the financial integrity of the Public Service Authority and its ongoing operation of generating, transmitting, and distributing electricity to wholesale and retail customers on a reliable, adequate, efficient, and safe basis, at just and reasonable rates, regardless of the class of customer;
   2. (b) economic development and job attraction and retention within the Public Service Authority's present service area or areas within the State authorized to be served by an electric cooperative or municipally owned electric utility that is a direct or indirect wholesale customer of the authority; and
   3. (c) subject to the limitations of Section 58-31-30(B) and item (3)(a) of this section, exercise of the powers of the authority set forth in Section 58-31-30 in accordance with good business practices and the requirements of applicable licenses, laws, and regulations.

(B) In discharging his duties, a director is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:

1. (1) one or more officers or employees of the Public Service Authority whom the director reasonably believes to be reliable and competent in the matters presented;
2. (2) legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or
3. (3) a committee of the board of directors of which he is not a member if the director reasonably believes the committee merits confidence.