Code Section Group

Financial Code - FIN

DIVISION 15.5. STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION [32000 - 32823]

  ( Heading of Division 15.5 amended by Stats. 1989, Ch. 1040, Sec. 1. )

CHAPTER 2. Corporate Matters [32300 - 32352.5]

  ( Chapter 2 added by Stats. 1980, Ch. 819, Sec. 1. )

ARTICLE 4. Management of the Corporation [32330 - 32332]
  ( Article 4 added by Stats. 1980, Ch. 819, Sec. 1. )

32330.
  

The management of the corporation shall be conducted by the board of directors, subject to the following limitations:

(a) All action taken by the board of directors shall require the approval of a majority of the board present at a meeting at which there is a quorum or by unanimous written consent of all directors.

(b) The board of directors shall file revised articles of incorporation with the Secretary of State no later than January 30, 1990.

(c) The board of directors shall apply for a revised license as a California Business and Industrial Development Corporation by March 1, 1990.

(Amended by Stats. 1989, Ch. 1040, Sec. 10.)

32331.
  

The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.

(Added by Stats. 1980, Ch. 819, Sec. 1.)

32332.
  

The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees; eligibility criteria for loan applications and application procedures; procedures for the deposit and sale of government guaranteed securities; and the establishment of loan loss reserves.

(Added by Stats. 1989, Ch. 1040, Sec. 10.2.)

FINFinancial Code - FIN4.