2011 California Code
Corporations Code
TITLE 1. CORPORATIONS [100 - 14551]
ARTICLE 2. Definitions
Section 14010

Unless the context otherwise requires, the definitions in this section govern the construction of this part.

(a) Corporation or the corporation means any nonprofit California small business financial development corporation created pursuant to this part.

(b) Financial institution means banking organizations including national banks and trust companies authorized to conduct business in California and state-chartered commercial banks, trust companies, and savings and loan associations.

(c) Financial company means banking organizations including national banks and trust companies, savings and loan associations, state insurance companies, mutual insurance companies, and other banking, lending, retirement, and insurance organizations.

(d) Expansion Fund means the California Small Business Expansion Fund.

(e) Unless otherwise defined by the director by regulation, small business loan means a loan to a business defined as an eligible small business as set forth in Section 121.3-10 of Part 121 of Chapter 1 of Title 13 of the Code of Federal Regulations, including those businesses organized for agricultural purposes that create or retain employment as a result of the loan. From time to time, the director shall provide guidelines as to the preferred ratio of jobs created or retained to total funds borrowed for guidance to the corporations.

(f) Employment incentive loan means a loan to a qualified business, as defined in subdivision (h) of Section 7082 of the Government Code, or to a business located within an enterprise zone, as defined in subdivision (b) of Section 7072 of the Government Code.

(g) Loan committee means a committee appointed by the board of directors of a corporation to determine the course of action on a loan application pursuant to Section 14060.

(h) Board of directors means the board of directors of the corporation.

(i) Board means the California Small Business Board.

(j) Agency means the Business, Transportation and Housing Agency.

(k) Director means the person designated to this title by the secretary.

(l) Secretary means the Secretary of Business, Transportation and Housing Agency.

(m) Trust fund means the money from the expansion fund that is held in trust by a financial institution or a financial company. A trust fund is not a deposit of state funds and is not subject to the requirements of Section 16506 of the Government Code.

(n) Trust fund account means an account within the trust fund that is allocated to a particular small business financial development corporation for the purpose of paying loan defaults and claims on bond guarantees for a specific small business financial development corporation.

(o) Trustee is the lending institution or financial company selected by the office to hold and invest the trust fund. The agreement between the agency and the trustee shall not be construed to be a deposit of state funds.

(Amended by Stats. 2004, Ch. 143, Sec. 1. Effective July 14, 2004.)