Section 32352 Of Article 6. Powers, Exclusions And Prohibitions From California Financial Code >> Division 15.5. >> Chapter 2. >> Article 6.
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. 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.