§ 12722
78 words·~1 min read·
/ca/public-utilities-code/12722A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Neither the general manager nor any director of the district shall in any manner be interested, directly or indirectly, in any contract awarded or to be awarded by the board, or in the profits to be derived therefrom. Any violation of this provision is a misdemeanor, and conviction shall work a forfeiture of office. This section has no application to contracts awarded to corporations in which such officer owns less than 1 percent of the entire capital stock.