For the purposes of this part every director of a joint stock association is deemed to possess such knowledge of the affairs of his association as to enable him to determine whether any act, proceeding, or omission of its directors is a violation of this part.
Cal. Corp. Code § 22003
JOINT STOCK ASSOCIATIONS
Enacted by Stats. 1947, Ch. 1038.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.