CHAPTER 3. Purpose and Organization
Chapter 3 added by Stats. 1981, Ch. 1033.
§§ 53100–53113 · 13 sections
- § 53100 The corporation created by this part shall be known as “Sunny Mac.”
- § 53101 The Solar and Energy Conservation Mortgage Corporation is hereby created for the following purposes: (a) To facilitate financing of energy conservation…
- § 53102 The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of…
- § 53103 The board of directors of the corporation shall consist of seven members, selected and appointed as follows: (a) One member, representing the public interest,…
- § 53104 The members of the board shall annually elect a chairman from among their membership.
- § 53105 In order to expedite the startup of the corporation, the four members representing the stockholders shall initially be appointed by the Secretary of the…
- § 53106 On or before February 1, 1982, the Governor, the State Treasurer, and the Secretary of Business, Transportation and Housing shall appoint the directors…
- § 53108 For the purposes set forth in this chapter, the corporation is authorized pursuant to commitments, or otherwise, to purchase, service, sell, lend on the…
- § 53109 For the purposes set forth in this chapter, the corporation is authorized to borrow money through the issuance of notes, bonds, debentures, mortgage trust…
- § 53110 Any financial institution may apply to the corporation to become a member financial institution. The corporation shall establish standards and procedures for…
- § 53111 Any purchases of loans made by the corporation pursuant to the provisions of this part, for value, in good faith and without actual and written notice of any…
- § 53112 Any mortgage trust certificates, mortgage-backed bonds, mortgage-backed passthrough certificates, or other obligations of the corporation secured by the loans…
- § 53113 The corporation may accept and administer grants, subsidies, loans, loan guarantees, and other special programs as may be established for that purpose by the…