§ 31210 Board Composition Requirement

• •A company with this license must have at least 5 people on its board.
• •These 5 people are called directors and make big decisions for the company.
• •This rule was updated in 1987 to make sure companies follow it.

A small bank wants to start operating in California.

The bank must have at least 5 directors on its board to follow the law. If they only have 3, they can't get the license they need.