§ 14312 Credit Union Employment Restrictions

(a) For purposes of this section, “subject depository institution” means any of the following: (1) A credit union that is organized under the laws of this state or that maintains an office in this state. (2) An affiliate of an institution specified in paragraph (1). (b) It shall be unlawful for a subject person or former subject person of a subject institution to whom an order is issued under Sections 14308 to 14310, inclusive, willfully to do, directly or indirectly, any of the following without the approval of the commissioner so long as the order is in effect: (1) To act as a subject person of any subject depository institution. (2) To vote any shares or other securities having voting rights for the election of any person as a director of a subject depository institution. (3) To solicit, procure, transfer or attempt to transfer, or vote any proxy, consent, or authorization with respect to any shares or other securities of a subject depository institution having voting rights. (4) To otherwise participate in any manner in the conduct of the affairs of any subject depository institution. (Added by Stats. 2002, Ch. 734, Sec. 34. Effective September 20, 2002.)