The officers and employees of this system shall not do any of the following:

(a) Deal with the assets of the program in their own interest or for their own account.

Terms Used In California Government Code 21681

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

(b) In their individual or in any other capacity, act in any transaction involving the program on behalf of a party, or represent a party, whose interests are adverse to the interests of the program or the interests of the participants.

(c) Receive any consideration for their personal account, or any gift, from any party dealing with the program in connection with a transaction involving the assets of the program.

(Amended by Stats. 2010, Ch. 639, Sec. 17. (SB 1139) Effective January 1, 2011.)

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