California Corporations Code

§ 5227

CORP § 5227 Effective Jan 1, 1997Div. 2 · Title 1 · Part 2 · Ch. 2 · Art. 2

Statute text

(a)Any other provision of this part notwithstanding, not more than 49 percent of the persons serving on the board of any corporation may be interested persons.

(b)For the purpose of this section, “interested persons” means either:

(1)Any person currently being compensated by the corporation for services rendered to it within the previous 12 months, whether as a full- or part-time employee, independent contractor, or otherwise, excluding any reasonable compensation paid to a director as director; or

…

Legislative history

Amended by Stats. 1996, Ch. 589, Sec. 8. Effective January 1, 1997.