52550. (a) A nonprofit corporation may be formed to carry out the
purposes of this part. The corporation is not a state entity and the
officers and employees of the corporation are not officers or
employees of the state and shall not be subject to state civil
service.
(b) Nothing in this chapter shall be construed to preclude any
person from creating other corporations and organizing other
partnerships, joint ventures, or associations for the purposes set
forth in this part.
52551. (a) (1) The Governor shall appoint, subject to advice and
consent of the Senate, five of the incorporators of the corporation
from the categories of persons described in paragraphs (1) to (5),
inclusive, of subdivision (b). The Senate Rules Committee shall
appoint one of the incorporators of the corporation from the category
of persons described in paragraph (7) of subdivision (b), and the
Speaker of the Assembly shall appoint one of the incorporators of the
corporation from the category of persons described in paragraph (8)
of subdivision (b).
(2) The incorporators shall serve as the initial board of
directors of the corporation. The term of office of three of the
incorporators shall be for three years, the term of office of two of
the initial incorporators shall be for two years, and the term of
office of the remaining two initial incorporators shall be for one
year, as determined by lot. The Governor shall appoint one of the
eight incorporators to serve as the chairperson of the board of
directors. All subsequent appointments to the board of directors,
including the appointment of the chairperson, shall be for three-year
terms and shall be made by the appointing power described in this
subdivision from the categories of persons described in subdivision
(b).
(b) The board of directors shall consist of eight members
committed to working with nonprofit developers to preserve and expand
the state's supply of low-income and very low income housing and
experienced in providing low-income and very low income housing
through encouraging greater participation by private investors,
nonprofit housing corporations, and local and state governments. The
board of directors shall be appointed as specified in subdivision (a)
from each of the following categories:
(1) An elected or appointed official of a city or county with
experience in assisting nonprofit housing developers to provide
housing for low-income and very low income households.
(2) A person from the savings and loan, mortgage banking, or
commercial banking industry.
(3) A person knowledgeable about tax, securities, and partnership
law as they relate to low-income or very low income housing.
(4) A person experienced in developing and implementing plans for
the repair and rehabilitation of existing low-income or very low
income housing.
(5) A housing consultant experienced in developing and
implementing programs utilizing equity capital.
(6) The Director of Housing and Community Development.
(7) A person experienced in the management of rental or
cooperative housing occupied by low-income or very low income
households.
(8) A person from a nonprofit housing corporation experienced in
working with the private sector and public sector to help preserve
existing low-income or very low income housing.
(c) The representation of varied interest groups on the board of
directors shall be deemed essential to obtain information for the
development of policy and decisions of the board of directors. It
shall not be a conflict of interest for individuals from each of the
respective categories designated in subdivision (b) to serve as a
member of the board of directors. If any board member has a financial
interest, as described in Section 87103 of the Government Code, the
interest shall be disclosed as a matter of official public record and
shall be described with particularity, as determined by the other
members of the board of directors. No board member shall make,
participate in making, or in anyway attempt to use his or her
position to influence, a decision of the board of directors in which
he or she knows or has reason to know that he or she has a financial
interest.
(d) Any violation of this section by a board member shall
constitute grounds for disqualification as a board member.
52552. The initial board of directors shall take whatever actions
are necessary or appropriate to establish the corporation, including,
but not limited to, the filing of articles of incorporation.
52550. (a) A nonprofit corporation may be formed to carry out the
purposes of this part. The corporation is not a state entity and the
officers and employees of the corporation are not officers or
employees of the state and shall not be subject to state civil
service.
(b) Nothing in this chapter shall be construed to preclude any
person from creating other corporations and organizing other
partnerships, joint ventures, or associations for the purposes set
forth in this part.
52551. (a) (1) The Governor shall appoint, subject to advice and
consent of the Senate, five of the incorporators of the corporation
from the categories of persons described in paragraphs (1) to (5),
inclusive, of subdivision (b). The Senate Rules Committee shall
appoint one of the incorporators of the corporation from the category
of persons described in paragraph (7) of subdivision (b), and the
Speaker of the Assembly shall appoint one of the incorporators of the
corporation from the category of persons described in paragraph (8)
of subdivision (b).
(2) The incorporators shall serve as the initial board of
directors of the corporation. The term of office of three of the
incorporators shall be for three years, the term of office of two of
the initial incorporators shall be for two years, and the term of
office of the remaining two initial incorporators shall be for one
year, as determined by lot. The Governor shall appoint one of the
eight incorporators to serve as the chairperson of the board of
directors. All subsequent appointments to the board of directors,
including the appointment of the chairperson, shall be for three-year
terms and shall be made by the appointing power described in this
subdivision from the categories of persons described in subdivision
(b).
(b) The board of directors shall consist of eight members
committed to working with nonprofit developers to preserve and expand
the state's supply of low-income and very low income housing and
experienced in providing low-income and very low income housing
through encouraging greater participation by private investors,
nonprofit housing corporations, and local and state governments. The
board of directors shall be appointed as specified in subdivision (a)
from each of the following categories:
(1) An elected or appointed official of a city or county with
experience in assisting nonprofit housing developers to provide
housing for low-income and very low income households.
(2) A person from the savings and loan, mortgage banking, or
commercial banking industry.
(3) A person knowledgeable about tax, securities, and partnership
law as they relate to low-income or very low income housing.
(4) A person experienced in developing and implementing plans for
the repair and rehabilitation of existing low-income or very low
income housing.
(5) A housing consultant experienced in developing and
implementing programs utilizing equity capital.
(6) The Director of Housing and Community Development.
(7) A person experienced in the management of rental or
cooperative housing occupied by low-income or very low income
households.
(8) A person from a nonprofit housing corporation experienced in
working with the private sector and public sector to help preserve
existing low-income or very low income housing.
(c) The representation of varied interest groups on the board of
directors shall be deemed essential to obtain information for the
development of policy and decisions of the board of directors. It
shall not be a conflict of interest for individuals from each of the
respective categories designated in subdivision (b) to serve as a
member of the board of directors. If any board member has a financial
interest, as described in Section 87103 of the Government Code, the
interest shall be disclosed as a matter of official public record and
shall be described with particularity, as determined by the other
members of the board of directors. No board member shall make,
participate in making, or in anyway attempt to use his or her
position to influence, a decision of the board of directors in which
he or she knows or has reason to know that he or she has a financial
interest.
(d) Any violation of this section by a board member shall
constitute grounds for disqualification as a board member.
52552. The initial board of directors shall take whatever actions
are necessary or appropriate to establish the corporation, including,
but not limited to, the filing of articles of incorporation.
52550. (a) A nonprofit corporation may be formed to carry out the
purposes of this part. The corporation is not a state entity and the
officers and employees of the corporation are not officers or
employees of the state and shall not be subject to state civil
service.
(b) Nothing in this chapter shall be construed to preclude any
person from creating other corporations and organizing other
partnerships, joint ventures, or associations for the purposes set
forth in this part.
52551. (a) (1) The Governor shall appoint, subject to advice and
consent of the Senate, five of the incorporators of the corporation
from the categories of persons described in paragraphs (1) to (5),
inclusive, of subdivision (b). The Senate Rules Committee shall
appoint one of the incorporators of the corporation from the category
of persons described in paragraph (7) of subdivision (b), and the
Speaker of the Assembly shall appoint one of the incorporators of the
corporation from the category of persons described in paragraph (8)
of subdivision (b).
(2) The incorporators shall serve as the initial board of
directors of the corporation. The term of office of three of the
incorporators shall be for three years, the term of office of two of
the initial incorporators shall be for two years, and the term of
office of the remaining two initial incorporators shall be for one
year, as determined by lot. The Governor shall appoint one of the
eight incorporators to serve as the chairperson of the board of
directors. All subsequent appointments to the board of directors,
including the appointment of the chairperson, shall be for three-year
terms and shall be made by the appointing power described in this
subdivision from the categories of persons described in subdivision
(b).
(b) The board of directors shall consist of eight members
committed to working with nonprofit developers to preserve and expand
the state's supply of low-income and very low income housing and
experienced in providing low-income and very low income housing
through encouraging greater participation by private investors,
nonprofit housing corporations, and local and state governments. The
board of directors shall be appointed as specified in subdivision (a)
from each of the following categories:
(1) An elected or appointed official of a city or county with
experience in assisting nonprofit housing developers to provide
housing for low-income and very low income households.
(2) A person from the savings and loan, mortgage banking, or
commercial banking industry.
(3) A person knowledgeable about tax, securities, and partnership
law as they relate to low-income or very low income housing.
(4) A person experienced in developing and implementing plans for
the repair and rehabilitation of existing low-income or very low
income housing.
(5) A housing consultant experienced in developing and
implementing programs utilizing equity capital.
(6) The Director of Housing and Community Development.
(7) A person experienced in the management of rental or
cooperative housing occupied by low-income or very low income
households.
(8) A person from a nonprofit housing corporation experienced in
working with the private sector and public sector to help preserve
existing low-income or very low income housing.
(c) The representation of varied interest groups on the board of
directors shall be deemed essential to obtain information for the
development of policy and decisions of the board of directors. It
shall not be a conflict of interest for individuals from each of the
respective categories designated in subdivision (b) to serve as a
member of the board of directors. If any board member has a financial
interest, as described in Section 87103 of the Government Code, the
interest shall be disclosed as a matter of official public record and
shall be described with particularity, as determined by the other
members of the board of directors. No board member shall make,
participate in making, or in anyway attempt to use his or her
position to influence, a decision of the board of directors in which
he or she knows or has reason to know that he or she has a financial
interest.
(d) Any violation of this section by a board member shall
constitute grounds for disqualification as a board member.
52552. The initial board of directors shall take whatever actions
are necessary or appropriate to establish the corporation, including,
but not limited to, the filing of articles of incorporation.
