Article 4. Management Of The Corporation of California Financial Code >> Division 15.5. >> Chapter 2. >> Article 4.

The management of the corporation shall be conducted by the board of directors, subject to the following limitations:
  (a) All action taken by the board of directors shall require the approval of a majority of the board present at a meeting at which there is a quorum or by unanimous written consent of all directors.
  (b) The board of directors shall file revised articles of incorporation with the Secretary of State no later than January 30, 1990.
  (c) The board of directors shall apply for a revised license as a California Business and Industrial Development Corporation by March 1, 1990.

The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.

The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees; eligibility criteria for loan applications and application procedures; procedures for the deposit and sale of government guaranteed securities; and the establishment of loan loss reserves.