Statute · California Corporations Code
Cal. Corp. Code § 14014 — Corporation Board
Cal. Corp. Code § 14014
- Type
- Statute
- Source
- California Corporations Code
- Jurisdiction
- California
- Date
- 2013-10-04
- Current through
- Nov 2, 2026 (California Legislative Counsel)
The bank shall enter into a contract with each corporation that shall require that:
Citator
Cal. Corp. Code § 14014 — Corporation Board is in force in the current edition of the Code, and nothing recorded condemns it.
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.