California Corporations Code

§ 5233

CORP § 5233Div. 2 · Title 1 · Part 2 · Ch. 2 · Art. 3

Statute text

(a)Except as provided in subdivision (b), for the purpose of this section, a self-dealing transaction means a transaction to which the corporation is a party and in which one or more of its directors has a material financial interest and which does not meet the requirements of paragraph (1), (2), or (3) of subdivision (d). Such a director is an “interested director” for the purpose of this section.

(b)The provisions of this section do not apply to any of the following:

(1)An action of the board fixing the compensation of a director as a director or officer of the corporation.

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Legislative history

Amended by Stats. 1981, Ch. 587, Sec. 7.