The Director is authorized to adopt a resolution of intent to establish a new
Corporation. The resolution shall include the following information:
(1) The geographic service area for the new
(2) The date when the
Request for Proposal shall be distributed; and
(3) The date when the Proposal shall be due
to the Agency.
geographic service area for a new Corporation shall be based upon the number of
small businesses in the area, unemployment levels and the lack of available
debt financing for small businesses. The Director shall select the area which
he or she believes to be most underserved, using the above described
(c) Within seven (7)
calendar days following the due date for the Proposal the Director shall
summarize the Proposals, and determine which Proposer is most likely to meet
the Program goals specified in Corporations Code section
(d) Within thirty (30) calendar days
following the Proposal due date, the Director shall present the information
contained in subsection (c) to the entire Board.
At the Board meeting where the
presentation described in subsection (d) is presented, the Board shall take one
of the following actions:
(1) Approve the
recommendation of the Director, or if the Director presented more than one
recommendation, approve one of the recommendations; or
(2) Not approve the recommendation of the
Director, and instruct the Director to submit a new recommendation at a
subsequent Board meeting; or
Cancel the Proposal.
If, pursuant to the procedures contained in subsection (e), the Board approves
a recommendation of the Director, the Board shall adopt a resolution creating a
new Corporation. The resolution shall include the approval of the proposed
articles of incorporation, and shall instruct the Director to file the articles
with the Secretary of State.
The Agency shall notify all Proposers of the Board's decision within five (5)
Cal. Code Regs. Tit.
Note: Authority cited: Section
Corporations Code. Reference: Sections 14022,14025(c), 14025(d), 14045, 14046
and 14050, Corporations Code.
1. New section filed
6-24-91; operative 7-24-91 (Register 91, No. 42).
filed 6-9-97 as an emergency; operative 6-9-97 (Register 97, No. 24). A
Certificate of Compliance must be transmitted to OAL by 10-7-97 or emergency
language will be repealed by operation of law on the following day.
3. Reinstatement of section heading and section as they existed prior to 6-9-97
emergency amendment by operation of Government Code section
(Register 98, No. 30)
4. Amendment of section heading, section and
Note filed 7-24-98; operative 7-24-98 pursuant to Government Code section
(Register 98, No. 30).
5. Amendment filed 12-27-2004 as a deemed
emergency pursuant to Corporations Code section
operative 12-27-2004 (Register 2004, No. 53). A Certificate of Compliance must
be transmitted to OAL by 6-27-2005 or emergency language will be repealed by
operation of law on the following day.
6. Editorial correction of
History5 (Register 2005, No. 27).
7. Certificate of Compliance as
to 12-27-2004 order, including amendment of Note, transmitted to OAL 5-25-2005
and filed 7-7-2005 (Register 2005, No. 27).