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.
Cal. Fin. Code § 14765
Penalties
Showing this section's text as in effect on January 1, 2011 (in force January 1, 2011 – January 1, 2025). View current text →
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.