Code Section Group

Corporations Code - CORP

TITLE 1. CORPORATIONS [100 - 14631]

  ( Title 1 enacted by Stats. 1947, Ch. 1038. )

DIVISION 3. CORPORATIONS FOR SPECIFIC PURPOSES [12000 - 14631]

  ( Division 3 enacted by Stats. 1947, Ch. 1038. )

PART 5. SMALL BUSINESSES [14000 - 14024]

  ( Heading for Part 5 [as added by Stats. 1989, Ch. 1399] added by Stats. 1990, Ch. 216, Sec. 10. )

CHAPTER 1. California Small Business Financial Development Corporations [14000 - 14024]

  ( Chapter 1 repealed and added by Stats. 2013, Ch. 537, Sec. 2. )

ARTICLE 5. Corporation Board [14013 - 14017]
  ( Article 5 added by Stats. 2013, Ch. 537, Sec. 2. )

14013.
  

The corporate powers of a corporation shall be exercised by its board of directors.

(Added by Stats. 2013, Ch. 537, Sec. 2. Effective October 4, 2013.)

14014.
  

The bank shall enter into a contract with each corporation that shall require that:

(a) A person may not serve on a corporation’s board of directors who is not a resident of, or person conducting business in, the primary service area described in the articles of incorporation.

(b) A corporation’s board of directors shall include representatives from all of the following:

(1) The financial community.

(2) The business community.

(3) The economically disadvantaged.

(c) The chief executive officer of a corporation, or his or her designee, is the only employee of the corporation who may serve on its board of directors.

(d) A person who has a financial interest related to a matter over which the board of directors has authority may not make, participate in making, or in any way attempt to influence that matter.

(Added by Stats. 2013, Ch. 537, Sec. 2. Effective October 4, 2013.)

14015.
  

If any director ceases to meet the qualifications established in Section 14014, he or she shall immediately vacate his or her position as a director and the position shall be deemed vacant.

(Added by Stats. 2013, Ch. 537, Sec. 2. Effective October 4, 2013.)

14016.
  

If any vacancy occurs in the elective membership of the board of directors through death, resignation, or otherwise, the remaining directors shall elect a person representing the appropriate category to fill the vacancy for the unexpired term.

(Added by Stats. 2013, Ch. 537, Sec. 2. Effective October 4, 2013.)

14017.
  

The bank board shall direct the program manager to establish new small business financial development corporations pursuant to the directives and requirements. The directives and requirements shall include steps to achieve a goal of ensuring that small businesses in all areas of the state would have reasonable access to the financial products authorized by Chapter 6 (commencing with Section 63088) of Division 1 of Title 6.7 of the Government Code for which they are eligible.

(Added by Stats. 2013, Ch. 537, Sec. 2. Effective October 4, 2013.)

CORPCorporations Code - CORP5.