SECTIONS 14010 - California Statutes

CORPORATIONS CODE

SECTION 14010

14010. Unless the context otherwise requires, the definitions in
this section govern the construction of this part.
(a) "Corporation" or "the corporation" means any nonprofit
California small business financial development corporation created
pursuant to this part.
(b) "Financial institution" means banking organizations including
national banks and trust companies authorized to conduct business in
California and state-chartered commercial banks, trust companies, and
savings and loan associations.
(c) "Financial company" means banking organizations including
national banks and trust companies, savings and loan associations,
state insurance companies, mutual insurance companies, and other
banking, lending, retirement, and insurance organizations.
(d) "Expansion Fund" means the California Small Business Expansion
Fund.
(e) Unless otherwise defined by the director by regulation, "small
business loan" means a loan to a business defined as an eligible
small business as set forth in Section 121.3-10 of Part 121 of
Chapter 1 of Title 13 of the Code of Federal Regulations, including
those businesses organized for agricultural purposes that create or
retain employment as a result of the loan. From time to time, the
director shall provide guidelines as to the preferred ratio of jobs
created or retained to total funds borrowed for guidance to the
corporations.
(f) "Employment incentive loan" means a loan to a qualified
business, as defined in subdivision (h) of Section 7082 of the
Government Code, or to a business located within an enterprise zone,
as defined in subdivision (b) of Section 7072 of the Government Code.
(g) "Loan committee" means a committee appointed by the board of
directors of a corporation to determine the course of action on a
loan application pursuant to Section 14060.
(h) "Board of directors" means the board of directors of the
corporation.
(i) "Board" means the California Small Business Board.
(j) "Agency" means the Business, Transportation and Housing
Agency.
(k) "Director" means the person designated to this title by the
secretary.
(l) "Secretary" means the Secretary of Business, Transportation
and Housing Agency.
(m) "Trust fund" means the money from the expansion fund that is
held in trust by a financial institution or a financial company. A
trust fund is not a deposit of state funds and is not subject to the
requirements of Section 16506 of the Government Code.
(n) "Trust fund account" means an account within the trust fund
that is allocated to a particular small business financial
development corporation for the purpose of paying loan defaults and
claims on bond guarantees for a specific small business financial
development corporation.
(o) "Trustee" is the lending institution or financial company
selected by the office to hold and invest the trust fund. The
agreement between the agency and the trustee shall not be construed
to be a deposit of state funds.