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Financial Code - FIN - FIN § 323
Financial Code - FIN - FIN § 323
The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or her appointment. The commissioner shall be chosen solely for his or her qualifications and fitness to perform the duties of his or her office.
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Financial Code - FIN - FIN § 32300
Financial Code - FIN - FIN § 32300
The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions of the Nonprofit Corporation Law (Part 1 (commencing with Section 9000), Division 2, Title 1 of the Corporations Code) on January 1, 1981.
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Financial Code - FIN - FIN § 32301
Financial Code - FIN - FIN § 32301
Except as otherwise provided in this division: (a) The Nonprofit Corporation Law shall apply to the corporation. However, whenever any provision of the Nonprofit Corporation Law conflicts with any provision of this division, the provision of the Nonprofit Corporation Law shall no
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Financial Code - FIN - FIN § 32310
Financial Code - FIN - FIN § 32310
The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
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Financial Code - FIN - FIN § 32320
Financial Code - FIN - FIN § 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 directors.
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Financial Code - FIN - FIN § 32321
Financial Code - FIN - FIN § 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, selected and appointed by the members of the Energy Commission. (b) The public members of the board shall be: (1) One member se
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Financial Code - FIN - FIN § 32322
Financial Code - FIN - FIN § 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 the members of the Energy Commission, who shall serve on the board until he or she is no longer a member of the Energy Com
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Financial Code - FIN - FIN § 32323
Financial Code - FIN - FIN § 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 directors shall hold office until the directors of the State Assistance Fund for Enterprise, Business and Industrial Dev
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Financial Code - FIN - FIN § 32324
Financial Code - FIN - FIN § 32324
(a) The official directors shall serve without compensation, except that they shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties, or at the discretion of the board, may receive a reasonable per diem payment and mileage charge a
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Financial Code - FIN - FIN § 32325
Financial Code - FIN - FIN § 32325
If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in Section 32321, the board may select not more than three private directors to assist the board in managing the corporation, sub
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Financial Code - FIN - FIN § 32326
Financial Code - FIN - FIN § 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 this division in accordance with procedures and criteria adopted by the board of directors. The loan committee shall consis
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Financial Code - FIN - FIN § 32330
Financial Code - FIN - FIN § 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 unanimo
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Financial Code - FIN - FIN § 32331
Financial Code - FIN - FIN § 32331
The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.
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Financial Code - FIN - FIN § 32332
Financial Code - FIN - FIN § 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 guarantee
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Financial Code - FIN - FIN § 32350
Financial Code - FIN - FIN § 32350
(a) The corporation may appoint such agents and employees as it requires, and determine their qualifications, duties, terms of employment, and compensation. The corporation shall adopt personnel rules and regulations applicable to its employees. (b) The corporation may contract f
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Financial Code - FIN - FIN § 32351
Financial Code - FIN - FIN § 32351
The corporation shall not provide financing assistance to any business firm in this state unless such business firm meets the financial and eligibility criteria for the specific type of financial assistance to be provided by the corporation, including, where appropriate, prior ap
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Financial Code - FIN - FIN § 32352
Financial Code - FIN - FIN § 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 the Small Business Development Board, perform acts contemplated for a small business development corporation, pursuant to
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Financial Code - FIN - FIN § 32352.5
Financial Code - FIN - FIN § 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 shall, within 30 days thereafter, appoint three additional directors to the board, who shall be residents of the region to
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Financial Code - FIN - FIN § 324
Financial Code - FIN - FIN § 324
The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2 of the Government Code.
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Financial Code - FIN - FIN § 32400
Financial Code - FIN - FIN § 32400
The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt.
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Financial Code - FIN - FIN § 32401
Financial Code - FIN - FIN § 32401
The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
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Financial Code - FIN - FIN § 32402
Financial Code - FIN - FIN § 32402
In addition to other accounts the board may establish, the financial accounts of the corporation shall include: (a) A general operating account. (b) A general reserve account. (c) An enterprise loan fund. (d) A government guaranteed securities trust fund.
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Financial Code - FIN - FIN § 32403
Financial Code - FIN - FIN § 32403
Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation.
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Financial Code - FIN - FIN § 32404
Financial Code - FIN - FIN § 32404
Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures exceed the expected balance of the general operating account.
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Financial Code - FIN - FIN § 32420
Financial Code - FIN - FIN § 32420
In this article “trust fund” means the government guaranteed securities trust fund of the corporation.