Statute · California Financial Code
Cal. Fin. Code § 14408 — General
Cal. Fin. Code § 14408
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 2008-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
No credit union shall make any gift or donation having a value in excess of twenty-five thousand dollars ($25,000) unless the gift or donation is in the best interest of the credit union, is approved by a resolution of the board of directors and is in conformance with any regulation or order…
Citator
Cal. Fin. Code § 14408 — General is in force in the current edition of the Code, and nothing recorded condemns it.
No credit union shall make any gift or donation having a value in excess of twenty-five thousand dollars ($25,000) unless the gift or donation is in the best interest of the credit union, is approved by a resolution of the board of directors and is in conformance with any regulation or order that the commissioner may issue. The resolution of the board of directors approving the gift or donation shall identify the recipient of the gift or donation, state the value of the gift or donation, and specify the basis for the board’s determination that the gift or donation is in the best interests of the credit union. The board may establish a budget for gifts and donations and authorize appropriate officials of the credit union to select recipients and disburse budgeted funds among those recipients.