California Government Code

§ 1091.5

GOV § 1091.5 Effective Jan 1, 2014Div. 4 · Title 1 · Ch. 1 · Art. 4

Statute text

(a)An officer or employee shall not be deemed to be interested in a contract if his or her interest is any of the following:

(1)The ownership of less than 3 percent of the shares of a corporation for profit, provided that the total annual income to him or her from dividends, including the value of stock dividends, from the corporation does not exceed 5 percent of his or her total annual income, and any other payments made to him or her by the corporation do not exceed 5 percent of his or her total annual income.

(2)That of an officer in being reimbursed for his or her actual and necessary expenses incurred in the performance of official duties.

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Legislative history

Amended by Stats. 2013, Ch. 650, Sec. 1. (AB 1090) Effective January 1, 2014.