California Corporations Code

§ 9243

CORP § 9243Div. 2 · Title 1 · Part 4 · Ch. 2 · Art. 4

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), (3), or (4) of subdivision (d). Such a director is an “interested director” for the purpose of this section.

(b)This section does 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 or making any loan of money or property to, or guaranteeing the obligation of, any director or officer.

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Legislative history

Amended by Stats. 1984, Ch. 812, Sec. 14.