(a)
“Employee” does not include a director of a corporation or association performing services in his or her capacity as a director. This section shall not apply to service included in “employment” pursuant to Sections 605, 608, 709, and 710.
(b)
“Services in his or her capacity as a director” includes either:
(1)
Presence at meetings of the board of directors, even though no further service is performed at the meeting.
(2)
Services customarily performed by directors in attending meetings of the board of directors such as prescribing, regulating, and guiding the policies and administration of the corporation or association.
(c)
“Services in his or her capacity as a director” does not include services performed by a director in addition to, or other than those described in subdivision (b) of this section. For example, services performed as an officer of the corporation or association, or as a member of a committee which executes the policies and administrative decisions adopted by the board of directors such as advisory, appraisal, auditing, credit, examining, executive, loan or similar committees are not “services in his or her capacity as a director”.