State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 32330-32332

FINANCIAL CODE
SECTION 32330-32332



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 unanimous written consent of all directors.
   (b) The board of directors shall file revised articles of
incorporation with the Secretary of State no later than January 30,
1990.
   (c) The board of directors shall apply for a revised license as a
California Business and Industrial Development Corporation by March
1, 1990.


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; eligibility criteria for loan applications
and application procedures; procedures for the deposit and sale of
government guaranteed securities; and the establishment of loan loss
reserves.