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HomeCorporations CodeCh. 1Art. 7§ 14023 Asset Purchase Restrictions

§ 14023 Asset Purchase Restrictions

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14023 Asset Purchase Restrictions

This law says that people who work for or lead the California Infrastructure and Economic Development Bank can't buy or get anything from the bank unless they pay the full, fair price for it.

Key Takeaways

  • •People who work for or lead the bank can't get special deals on things the bank owns.
  • •If they want to buy something from the bank, they have to pay the full, fair price.
  • •This rule is to make sure everything is fair and no one gets an unfair advantage.

Example

Imagine a person who works at the bank wants to buy a piece of land that the bank owns.

They can't buy it for a super cheap price just because they work there. They have to pay what the land is really worth, just like anyone else would.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 14023 Asset Purchase Restrictions

It shall be unlawful for a member of the bank board or for the executive director, program manager, or any person who is an officer or director of a corporation, or who is an employee of the California Infrastructure and Economic Development Bank to purchase or receive, or to be otherwise interested in the purchase or receipt, directly or indirectly, of any asset of a corporation, without paying to the corporation the fair market value of the asset at the time of the transaction. (Repealed and added by Stats. 2013, Ch. 537, Sec. 2. (AB 1247) Effective October 4, 2013.)

Last verified: January 10, 2026

Key Terms

unlawfulbank boardexecutive directorprogram managerofficerdirectoremployeeCalifornia Infrastructure and Economic Development Bankpurchasereceiveassetfair market value

Related Statutes

  • § 14006 Bank Board Approval Process
  • § 14022 Bank Official Conflict Prohibitions
  • § 18605 Nonprofit Association Liability Limitation
  • § 18615 Nonprofit Officer Contract Liability
  • § 18620 Nonprofit Association Liability Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 14023.
View Official Source