Corporations Code - CORP - CORP § 14014

Summary

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

Text

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.

Retrieval chunks

• #1 | Corporations Code - CORP - CORP § 14014

  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 director…