California Welfare and Institutions Code

§ 14478

WIC § 14478Div. 9 · Part 3 · Ch. 8 · Art. 6

Statute text

(a)As used in this chapter, “substantial financial interest” means the ownership of common stock, preferred stock, warrants, options, loans, partnership interests, debt instruments, or other ownership interest, if consisting of, or convertible to, equity investments in an entity contracting with the department under the provisions of this chapter or an entity contracting with a current or proposed contractor doing business with the department under the provisions of this chapter, and such ownership interest in terms of fair market value is not less than the greater of the following:

(1)One thousand dollars ($1,000).

(2)Five percent or more of the total fair market value of all equity investments in the entity, including ownership interests convertible to such investments. A convertible debt includes bonds, notes, debentures, and mortgages.

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Legislative history

Repealed and added by Stats. 1977, Ch. 1036.