{"code":"CORP","codeName":"Corporations Code","section":"14014","citation":"Corp. Code, § 14014","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"TITLE 1. CORPORATIONS [100. - 14707.]","url":"https://blackletter.si/corporations-code/title-1"},{"name":"DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES [12000. - 14707.]","url":"https://blackletter.si/corporations-code/title-1/division-3"},{"name":"PART 5. SMALL BUSINESSES [14000. - 14024.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-5"},{"name":"CHAPTER 1. California Small Business Financial Development Corporations [14000. - 14024.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-5/chapter-1"},{"name":"ARTICLE 5. Corporation Board [14013. - 14017.]","url":"https://blackletter.si/corporations-code/title-1/division-3/part-5/chapter-1/article-5"}],"history":"Added by Stats. 2013, Ch. 537, Sec. 2.   (AB 1247)   Effective October 4, 2013.","effective":"2013-10-04","html":"<p>The bank shall enter into a contract with each corporation that shall require that:</p><p>(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.</p><p>(b) A corporation’s board of directors shall include representatives from all of the following:</p><p>(1) The financial community.</p><p>(2) The business community.</p><p>(3) The economically disadvantaged.</p><p>(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.</p><p>(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. </p>","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.","otherVersions":[],"url":"https://blackletter.si/corporations-code/corporation-board-14014","source":"California Legislative Information bulk export (pubinfo)"}