§ 14014. — 14014. (Added by Stats. 2013, Ch. 537, Sec. 2.)

California § 14014.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 3.
• Title 1.: DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES
• Part 5.: PART 5. SMALL BUSINESSES
• Ch. 1.: CHAPTER 1. California Small Business Financial Development Corporations
• Art. 5.: ARTICLE 5. Corporation Board

Text

The bank shall enter into a contract with each corporation that shall require that:
(a)
A person may not serve on a corporation’s board of directors who is not a resident of, or person conducting business in, the primary service area described in the articles of incorporation.
(b)
A corporation’s board of directors shall include representatives from all of the following:
(1)
The financial
community.
(2)
The business community.
(3)
The economically disadvantaged.
(c)
The chief executive officer of a corporation, or his or her designee, is the only employee of the corporation who may serve on its board of directors.
(d)
A person who has a financial interest related to a matter over which the board of directors has authority may not make, participate in making, or in any way attempt to influence that matter.

Legislative History

Added by Stats. 2013, Ch. 537, Sec. 2. (AB 1247) Effective October 4, 2013.