SECTIONS 32350-32352.5 - California Statutes

FINANCIAL CODE

SECTION 32350-32352.5

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 for such legal counsel as in its
judgment is necessary or advisable to enable it to carry out its
purposes.

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 application to a bank or other financial
institution for a loan or other financial assistance.

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 Part 5 (commencing with Section 14000) of
the Corporations Code.
Notwithstanding any other provision of law, upon approval by the
Small Business Development Board of the corporation's application to
become a small business development corporation pursuant to this
section, the sum of seven hundred fifty thousand dollars ($750,000)
shall be transferred from the State Enterprise Loan Fund for deposit
in the Small Business Expansion Fund created pursuant to Section
14029 of the Corporations Code for immediate transfer to a loan fund
established pursuant to Section 14045 of the Corporations Code. Upon
suspension of the corporation as a small business development
corporation, the funds shall be transferred to the Small Business
Expansion Fund pursuant to Section 14025 of the Corporations Code.

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 be served by the corporation when
acting as a small business development corporation.
(b) For purposes of this section, the three regional directors
appointed pursuant to subdivision (a) shall be appointed by the
official and public members of the board as full voting members of
the board.