Statute · California Financial Code
Cal. Fin. Code § 15051 — Loans to Directors, Officers and Committee Members
Cal. Fin. Code § 15051
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to reduce any obligation to the credit union for which he or she is liable in a timely manner according to the terms of the obligation.
Citator
Cal. Fin. Code § 15051 — Loans to Directors, Officers and Committee Members is in force in the current edition of the Code, and nothing recorded condemns it.
The board of directors shall declare the office of any director, officer, committee member, or the credit manager vacant if the person fails to reduce any obligation to the credit union for which he or she is liable in a timely manner according to the terms of the obligation.