§ 63021.5
274 words·~1 min read·
/ca/government-code/63021-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The bank shall be governed and its corporate power exercised by a board of directors that shall consist of the following persons:
(1)The Director of Finance or his or her designee.
(2)The Treasurer or his or her designee.
(3)The Director of the Governor’s Office of Business and Economic Development or his or her designee, who shall serve as chair of the board.
(4)An appointee of the Governor.
(5)The Secretary of Transportation or his or her designee.
(b)Any designated director shall serve at the pleasure of the designating power.
(c)Three of the members shall constitute a quorum and the affirmative vote of three board members shall be necessary for any action to be taken by the board.
(d)A member of the board shall not participate in any bank action or attempt to influence any decision or recommendation by any employee of, or consultant to, the bank that involves a sponsor of which he or she is a representative or in which the member or a member of his or her immediate family has a personal financial interest within the meaning of Section 87100. For purposes of this section, “immediate family” means the spouse, children, and parents of the member.
(e)Except as provided in this subdivision, the members of the board shall serve without compensation, but shall be reimbursed for actual and necessary expenses incurred in the performance of their duties to the extent that reimbursement for these expenses is not otherwise provided or payable by another public agency, and shall receive one hundred dollars ($100) for each full day of attending meetings of the authority.