§ 14760
112 words·~1 min read·
/ca/financial-code/14760A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Every director of a credit union is guilty of a misdemeanor who:
(1)In case of the fraudulent insolvency of that credit union, has participated in the fraud; or
(2)Willfully does any act in his or her capacity as director which is expressly forbidden by law or willfully omits to perform any duty imposed upon him or her as such a director by law.
(b)The insolvency of a credit union is deemed fraudulent for the purposes of this section, unless its affairs appear upon investigation to have been administered lawfully and with the same care and diligence that agents receiving a compensation for their services are bound to observe.