California Financial Code

§ 6152

FIN § 6152 Effective Jan 1, 2010Div. 2 · Ch. 3 · Art. 4

Statute text

(a)A director shall automatically cease to be a director upon becoming the subject of an order for relief in bankruptcy or upon conviction of a criminal offense involving dishonesty or a breach of trust.

(b)In the case of an association which converts from a mutual association to a stock association, for a period of up to five years from the date of the conversion, a director may not otherwise be removed except for cause on the affirmative vote of a majority of the votes of members or stockholders eligible to be cast at a legal meeting.

Legislative history

Amended by Stats. 2009, Ch. 500, Sec. 36. (AB 1059) Effective January 1, 2010.