State Codes and Statutes

Statutes > California > Fin > 32320-32326

FINANCIAL CODE
SECTION 32320-32326



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.



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 selected and appointed by the Senate Rules
Committee.
   (2) One member selected and appointed by the Speaker of the
Assembly.
   (3) Two members selected and appointed by the Governor as follows:
   (A) One member with a minimum three years' experience as an owner,
partner, officer, or employee of a California-based small business.
   (B) One member with a minimum three years' experience as an
officer or employee of a financial institution.



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 Commission or until he or she is replaced by
a vote of the Energy Commission.
   (b) The public members of the board shall be appointed by the
Rules Committee, Speaker, and Governor in such a manner that they
shall hold office for overlapping terms. At the time of the
appointment of first directors, the first term of the directors
appointed by the Rules Committee and Speaker shall be approximately
two years. At the time of the appointment of first directors, the
first term of the directors appointed by the Governor shall be
approximately one year for one director and approximately three years
for two directors. Thereafter, the terms of all public directors
shall be three years. Directors shall be eligible for reappointment
for an unlimited number of terms.
   (c) A public director's tenure shall continue until his successor
has been appointed and has taken his position on the board.
   (d) In the case of public members, vacancies shall be filled by
appointment of the respective appointing authority for the unexpired
remainder of the term.


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
Development Corporation take office.



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 as reimbursement for living and traveling expenses
incurred in the performance of duties away from their principal
areas of residence. The amount of such per diem payment shall not
exceed the rate established by the state for any calendar day. No
director shall receive per diem both in the course of his official
duties and from the corporation for the same calendar day.
   (b) All other directors may, at the discretion of the board, be
paid a stipend in addition to reimbursement for their actual and
necessary expenses incurred in the performance of their duties or
reasonable per diem payment and mileage charge. The amount of any per
diem payment shall not exceed the rate established by the state for
any calendar day. The board shall determine the amount of the stipend
received by public directors, provided, however, that such stipend
shall not exceed one hundred dollars ($100) for any calendar day.
Additionally, public directors may not receive stipends for more than
25 days in any calendar year.



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, subject to the following:
   (a) Private directors shall serve on the board in an advisory and
voluntary capacity.
   (b) Each private director shall be knowledgeable about the CDFI
target market.
   (c) At the discretion of the board, private directors shall be
eligible to receive compensation, subject to the limitations
contained in subdivision (b) of Section 32324.



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 consist of persons appointed by, and who shall serve
at the pleasure of, the board of directors of the corporation.


State Codes and Statutes

Statutes > California > Fin > 32320-32326

FINANCIAL CODE
SECTION 32320-32326



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.



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 selected and appointed by the Senate Rules
Committee.
   (2) One member selected and appointed by the Speaker of the
Assembly.
   (3) Two members selected and appointed by the Governor as follows:
   (A) One member with a minimum three years' experience as an owner,
partner, officer, or employee of a California-based small business.
   (B) One member with a minimum three years' experience as an
officer or employee of a financial institution.



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 Commission or until he or she is replaced by
a vote of the Energy Commission.
   (b) The public members of the board shall be appointed by the
Rules Committee, Speaker, and Governor in such a manner that they
shall hold office for overlapping terms. At the time of the
appointment of first directors, the first term of the directors
appointed by the Rules Committee and Speaker shall be approximately
two years. At the time of the appointment of first directors, the
first term of the directors appointed by the Governor shall be
approximately one year for one director and approximately three years
for two directors. Thereafter, the terms of all public directors
shall be three years. Directors shall be eligible for reappointment
for an unlimited number of terms.
   (c) A public director's tenure shall continue until his successor
has been appointed and has taken his position on the board.
   (d) In the case of public members, vacancies shall be filled by
appointment of the respective appointing authority for the unexpired
remainder of the term.


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
Development Corporation take office.



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 as reimbursement for living and traveling expenses
incurred in the performance of duties away from their principal
areas of residence. The amount of such per diem payment shall not
exceed the rate established by the state for any calendar day. No
director shall receive per diem both in the course of his official
duties and from the corporation for the same calendar day.
   (b) All other directors may, at the discretion of the board, be
paid a stipend in addition to reimbursement for their actual and
necessary expenses incurred in the performance of their duties or
reasonable per diem payment and mileage charge. The amount of any per
diem payment shall not exceed the rate established by the state for
any calendar day. The board shall determine the amount of the stipend
received by public directors, provided, however, that such stipend
shall not exceed one hundred dollars ($100) for any calendar day.
Additionally, public directors may not receive stipends for more than
25 days in any calendar year.



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, subject to the following:
   (a) Private directors shall serve on the board in an advisory and
voluntary capacity.
   (b) Each private director shall be knowledgeable about the CDFI
target market.
   (c) At the discretion of the board, private directors shall be
eligible to receive compensation, subject to the limitations
contained in subdivision (b) of Section 32324.



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 consist of persons appointed by, and who shall serve
at the pleasure of, the board of directors of the corporation.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 32320-32326

FINANCIAL CODE
SECTION 32320-32326



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.



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 selected and appointed by the Senate Rules
Committee.
   (2) One member selected and appointed by the Speaker of the
Assembly.
   (3) Two members selected and appointed by the Governor as follows:
   (A) One member with a minimum three years' experience as an owner,
partner, officer, or employee of a California-based small business.
   (B) One member with a minimum three years' experience as an
officer or employee of a financial institution.



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 Commission or until he or she is replaced by
a vote of the Energy Commission.
   (b) The public members of the board shall be appointed by the
Rules Committee, Speaker, and Governor in such a manner that they
shall hold office for overlapping terms. At the time of the
appointment of first directors, the first term of the directors
appointed by the Rules Committee and Speaker shall be approximately
two years. At the time of the appointment of first directors, the
first term of the directors appointed by the Governor shall be
approximately one year for one director and approximately three years
for two directors. Thereafter, the terms of all public directors
shall be three years. Directors shall be eligible for reappointment
for an unlimited number of terms.
   (c) A public director's tenure shall continue until his successor
has been appointed and has taken his position on the board.
   (d) In the case of public members, vacancies shall be filled by
appointment of the respective appointing authority for the unexpired
remainder of the term.


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
Development Corporation take office.



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 as reimbursement for living and traveling expenses
incurred in the performance of duties away from their principal
areas of residence. The amount of such per diem payment shall not
exceed the rate established by the state for any calendar day. No
director shall receive per diem both in the course of his official
duties and from the corporation for the same calendar day.
   (b) All other directors may, at the discretion of the board, be
paid a stipend in addition to reimbursement for their actual and
necessary expenses incurred in the performance of their duties or
reasonable per diem payment and mileage charge. The amount of any per
diem payment shall not exceed the rate established by the state for
any calendar day. The board shall determine the amount of the stipend
received by public directors, provided, however, that such stipend
shall not exceed one hundred dollars ($100) for any calendar day.
Additionally, public directors may not receive stipends for more than
25 days in any calendar year.



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, subject to the following:
   (a) Private directors shall serve on the board in an advisory and
voluntary capacity.
   (b) Each private director shall be knowledgeable about the CDFI
target market.
   (c) At the discretion of the board, private directors shall be
eligible to receive compensation, subject to the limitations
contained in subdivision (b) of Section 32324.



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 consist of persons appointed by, and who shall serve
at the pleasure of, the board of directors of the corporation.


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