Neither the general manager nor any director of the district shall in any manner be interested, directly or indirectly, in any contract awarded or to be awarded by the board, or in the profits to be derived therefrom. Any violation of this provision is a misdemeanor, and conviction shall work a forfeiture of office. This section has no application to contracts awarded to corporations in which such officer owns less than 1 percent of the entire capital stock.
Cal. Pub. Util. Code § 12722
Contracts
Known as the Municipal Utility District Act
The act spans §§ 11501–14403 (486 sections).
Applied in 1 court decision — leading case 38 Cal. 3d 633 - Thomson v. Call (1985)
Most recently applied in 38 Cal. 3d 633 - Thomson v. Call (May 1985)
Enacted by Stats. 1951, Ch. 764.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.