Section 1170.3 Of Article 1. Issuance Of License From California Harbors And Navigation Code >> Division 5. >> Chapter 4. >> Article 1.
1170.3
. (a) The board shall adopt, by regulation, a pilot's
conflict-of-interest code, which shall include, but need not be
limited to, a provision specifying that a pilot shall not have any
interest in, or derive any income from, any tugboat in operation on
Monterey Bay and the Bays of San Francisco, San Pablo, and Suisun.
This requirement of divestiture does not apply to the ownership of
barges and vessels similar to barges.
(b) The conflict-of-interest code shall not prohibit the ownership
of stock in any corporation registered on a national securities
exchange or on the National Market System of the NASDAQ Stock Market,
pursuant to Section 78f of Title 15 of the United States Code, which
may own tugboats in operation on Monterey Bay and the Bays of San
Francisco, San Pablo, and Suisun.