§ 32352
161 words·~1 min read·
/ca/financial-code/32352A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.