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2020 California Code
Financial Code - FIN
DIVISION 5 - CREDIT UNIONS
CHAPTER 4 - Management and Operations
ARTICLE 8 - Penalties
Section 14765.
Universal Citation: CA Fin Code § 14765 (2020)
14765.
No officer, director, or employee of a credit union shall purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s assets for an amount less than the then current market value thereof. Every person violating this section shall be liable to the people of this state for each offense in the amount of twice the market value of the assets so purchased.
(Added by Stats. 1986, Ch. 673, Sec. 14.)
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