California | Business Law
10/04/10, 12:23 pm
Legal Question
I have a question about what constitutes an interested non-profit director as it relates to california corporations code 5227. If a director was also an owner of a separate LLC which occasionally acts as a vendor to the non-profit, would that director be considered interested? What if the transaction volume was a small percentage of total transactions, on both the non-profit and LLC side?
Likewise, if a director had an interest in another corporation which sublet space from the non-profit and was a corporate sponsor of the non-profit, would that director be considered interested?
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