Corporations Code § 14014

ARTICLE 5. Corporation Board

Current as of September 28, 2026Corp. Code, § 14014Official source ↗

Added by Stats. 2013, Ch. 537, Sec. 2. (AB 1247) Effective October 4, 2013.

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.