§ 14014
136 words·~1 min read·
/ca/corporations-code/14014A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.