Section 32352.5 Of Article 6. Powers, Exclusions And Prohibitions From California Financial Code >> Division 15.5. >> Chapter 2. >> Article 6.
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.