CHAPTER 2. Corporate Matters [32300. - 32352.5.]

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

§§ 32300–32352.5 · 17 sections

1. ARTICLE 1. Creation of the Corporation §§ 32300–32301 · 2 sections

   • § 32300 The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions of the Nonprofit Corporation Law (Part 1 (commencing with…
   • § 32301 Except as otherwise provided in this division: (a) The Nonprofit Corporation Law shall apply to the corporation. However, whenever any provision of the…
2. ARTICLE 2. Corporate Name § 32310 · 1 section

   • § 32310 The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
3. ARTICLE 3. Board of Directors §§ 32320–32326 · 7 sections

   • § 32320 Except as provided in Sections 32325 and 32352.5, the board of directors of the corporation shall consist of six members, two official and four public…
   • § 32321 (a) The official members of the board shall be: (1) A member of the Governor’s cabinet, or his or her designee. (2) One member of the Energy Commission,…
   • § 32322 (a) The terms of official members of the board shall coincide with their official terms of office, except in the case of the member selected and appointed by…
   • § 32323 (a) The directors selected and appointed by the Governor, Rules Committee, and Speaker shall meet the requirements of subdivision (d) of Section 31152. (b) The…
   • § 32324 (a) The official directors shall serve without compensation, except that they shall be reimbursed for their actual and necessary expenses incurred in the…
   • § 32325 If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in…
   • § 32326 The board of directors of the corporation shall establish a loan committee, which shall review, rank, and approve or disapprove applications for loans under…
4. ARTICLE 4. Management of the Corporation §§ 32330–32332 · 3 sections

   • § 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…
   • § 32331 The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.
   • § 32332 The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees;…
5. ARTICLE 6. Powers, Exclusions and Prohibitions §§ 32350–32352.5 · 4 sections

   • § 32350 (a) The corporation may appoint such agents and employees as it requires, and determine their qualifications, duties, terms of employment, and compensation.…
   • § 32351 The corporation shall not provide financing assistance to any business firm in this state unless such business firm meets the financial and eligibility…
   • § 32352 The corporation shall (a) be empowered to do and perform all acts contemplated for a business and industrial development corporation, and (b) upon approval of…
   • § 32352.5 (a) If the corporation becomes a small business development corporation pursuant to Section 32352, the official and public members of the board of directors…