It shall be unlawful for any person to serve as an officer or director of a bank who: (a) Is an officer, director or employee of a directly competitive bank. (b) Has been convicted of an offense constituting in the jurisdiction in which the judgment was rendered a violation of the banking laws, a felony having as one of its necessary elements a fraudulent act or an act of dishonesty in the solicitation of, acceptance, custody, or payment of money or property or a breach of trust. (c) Is indebted to the bank for more than thirty (30) days upon a judgment that has become final. (d) Has an interest adverse to the bank unless such interest is promptly and fully disclosed in writing to its board of directors or trustees. SOURCE: GC § 30804. Subsection (2) amended by P.L. 13-187:196 (Sept. 2, 1976). P.L. 23-127:2 (Oct. 11, 1996) renumbered this section from § 106505 to § 106504. Original § 106504 (GC § 30803) was repealed by P.L. 23-127:2 and subsequent sections were renumbered accordingly. 2013 NOTE: Pursuant the authority granted by 1 GCA § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.
COL 2025-04-22