Fin. Code, § 14760 · Article 8. Penalties
Fin. Code, § 14760
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Every director of a credit union is guilty of a misdemeanor who:
(1) In case of the fraudulent insolvency of that credit union, has participated in the fraud; or
(2) Willfully does any act in his or her capacity as director which is expressly forbidden by law or willfully omits to perform any duty imposed upon him or her as such a director by law.
(b) The insolvency of a credit union is deemed fraudulent for the purposes of this section, unless its affairs appear upon investigation to have been administered lawfully and with the same care and diligence that agents receiving a compensation for their services are bound to observe.
Notes and commentary — not statutory text
History
Added by Stats. 1986, Ch. 673, Sec. 9.
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=FIN§ionNum=14760.
- Text hash
- sha256 37ad8cbb94120e9f344495f79767ea194fc2edd7dcf3597cdc13df2f67450072
- 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
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.