California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 50 - Business and Industrial Development Corporations
Article 1 - General Provisions
Subarticle 2 - Definitions
Section 50.108 - Executive Officer

Universal Citation: 10 CA Code of Regs 50.108
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

"Executive officer," when used with respect to a specified person (other than an individual), means any person who participates or who has authority to participate, otherwise than in the capacity of a director, in major policy-making functions of such specified person, regardless of whether or not he has an official title, whether or not his title contains a designation of assistant, and whether or not he serves with salary or other compensation. Each of the following is rebuttably presumed to be an executive officer of a licensee unless he is excluded by the by-laws of such licensee or by resolution of the board of the licensee from participating in major policy-making functions and does not actually participate therein: the chairman of the board, the vice-chairman of the board, the chairman of the executive committee, the president, any vice president (including any executive vice president, senior vice president, or regional vice president, but excluding any assistant vice president), the secretary, the chief financial officer, the treasurer, and the controller.

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