(a) A “managing agent” is a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development.
(b) A “managing agent” does not include any of the following:
(1) A regulated financial institution operating within the normal course of its regulated business practice.
(2) An attorney at law acting within the scope of the attorney’s license.
Old Civil Code Section 1363.2(f)
(f) As used in this section, a “managing agent” is a person or entity, who for compensation or, in expectation of compensation, exercises control over the assets of the association. However, a “managing agent” does not include a full-time employee of the association or a regulated financial institution operating within the normal course of business, or an attorney at law acting within the scope of his or her license.
Changes
Changes Made By Section 4158
(f) As used in this section, a (a) A “ managing agent ” is a person or entity who, who for compensation or , in expectation of compensation, exercises control over the assets of the association a common interest development. However, a (b) A “ managing agent ” does not include a full - time employee any of the association or a following: (1) A regulated financial institution operating within the normal course of its regulated business , or an practice. (2) An attorney at law acting within the scope of his or her the attorney’s license.