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Can an officer of a nonprofit public benefit corporation benefit

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from that corporation? For example...
Can an officer of a nonprofit public benefit corporation benefit from that corporation? For example may an officer accept a donation on behalf of the non corp and then sell the donated items back to themselves, this is in the State of California? Where would I find this in the code?
Submitted: 8 years ago.Category: Business Law
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Answered in 34 minutes by:
11/4/2009
Business Lawyer: socrateaser, Attorney replied 8 years ago
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 39,498
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Standards of Conduct are found in Corporations Code 5320-5329, however they apply to directors, not officers. Ordinarly, officer actions are subject to board of directors approval, and so it would be up to the board to discipline or ratify an officer's actions, as the case may be.

 

Hope this helps.

 

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