Corp. Code, § 14014 · Article 5. Corporation Board
Corp. Code, § 14014
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Added by Stats. 2013, Ch. 537, Sec. 2. (AB 1247) Effective October 4, 2013.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=14014.
- Text hash
- sha256 83fe3582fb3b2d8bfdecae3fd48f8c92104c18851511b967ac51d5a2c897b74c
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
Provisions in this library whose text cites Corp. Code, § 14014. Each shows the citation as that text prints it.
Corporations Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.