BlackletterCalifornia law

Financial Code § 15051

ARTICLE 3. Loans to Directors, Officers and Committee Members

Current as of September 28, 2026Fin. Code, § 15051Official source ↗

Amended by Stats. 1984, Ch. 789, Sec. 16.

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.