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HomeFinancial CodeDiv. 15.5Ch. 2Art. 3§ 32320 Corporate Board Composition Rules

§ 32320 Corporate Board Composition Rules

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

§ 32320 Corporate Board Composition Rules

Key Takeaways

  • •The board of directors must have six people.
  • •Two of them are official directors.
  • •Four of them are public directors.
  • •There are some exceptions to this rule in other sections.

Example

A company is setting up its board of directors.

The company must pick six people to be on the board. Two of them should be official directors, like people from the company, and four should be public directors, like people from outside the company.

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

Official Source
View on CA.gov

§ 32320 Corporate Board Composition Rules

Except as provided in Sections 32325 and 32352.5, the board of directors of the corporation shall consist of six members, two official and four public directors. (Amended by Stats. 2004, Ch. 25, Sec. 4. Effective March 17, 2004.)

Last verified: January 23, 2026

Key Terms

corporationdirectoreffective march

Related Statutes

  • § 32324 Director Compensation And Expenses
  • § 32325 Cdfi Private Directors
  • § 32323 Director Appointment Requirements
  • § 32326 Loan Committee Authority
  • § 32352.5 Small Business Board Appointments

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 32320.
View Official Source