California · Financial Code

FIN §18449: Every director of an industrial loan company who: (a) In the case of the fraudulent insolvency of such company, shall have participated in such fraud; or (b) Willfully does any act as such director wh

Misdemeanor

What this law says, in plain English

Industrial loan company directors who participate in fraudulent insolvency or willfully violate legal duties or prohibitions are guilty of a misdemeanor.

Read the full statutory text

Every director of an industrial loan company who: (a) In the case of the fraudulent insolvency of such company, shall have participated in such fraud; or (b) Willfully does any act as such director which is expressly forbidden by law or willfully omits to perform any duty imposed upon him as such director by law, is guilty of a misdemeanor. The insolvency of a company is deemed fraudulent for the purposes of this section, unless its affairs appear upon investigation to have been administered clearly, legally, and with the same care and diligence that agents receiving a compensation for their services are bound by law, to observe.

Verify at the official source: California legislative text

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