Corporations Code section 14014

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.

Source: Section 14014, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CORP§ionNum=14014.­ (updated Oct. 4, 2013; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 14014's source at ca​.gov