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2005 California Health and Safety Code Sections 34860-34879 Corporations
HEALTH AND SAFETY CODESECTION 34860-34879
34860. When authorized by the commission, a corporation may: (a) Borrow money from, or sell, pledge, or discount its securities to, the Reconstruction Finance Corporation, Federal Home Loan Bank, or any other corporation or agency established by the United States. (b) Comply with the provisions for membership and become a member of the Federal Home Loan Bank or any other corporation or agency established by the United States. (c) Comply with any regulations of the Reconstruction Finance Corporation. 34861. A corporation shall not acquire any real property or interest in it without first obtaining from the commission a certificate approving the acquisition. 34862. Without the prior approval of the commission, a corporation shall not sell, transfer, assign, or lease any real property to any person, except that leases conforming to the regulations of the commission may be made without its consent. 34863. A corporation shall not charge or accept any rental, fee, or other charge for housing accommodations in any building constructed, acquired, operated, sold, or managed by it in excess of the prices prescribed by the commission. 34864. Without the prior consent of the commission, a corporation shall not mortgage or otherwise encumber real property. It shall not pay interest on such encumbrance in excess of an amount permitted by the commission. 34865. A corporation shall not use any building erected or acquired by it for other than housing purposes, except that: (a) When permitted by law, and consented to by the commission, the cellar and basement and the story above the cellar or basement may be used for stores, commercial, cooperative, or community purposes. (b) When permitted by law the roof of the building may be used for cooperative or community purposes. 34866. A corporation shall not enter into contracts for the construction of housing projects or for the payment of salaries to officers or employees until the contracts have been approved by the commission. 34867. A corporation shall not effect any reorganization, unless authorized by the commission. 34868. A corporation shall not voluntarily dissolve or transfer all or substantially all of its assets without first obtaining the consent of the commission. 34869. A corporation shall not make any guaranty without the approval of the commission. 34870. Any purchase, conveyance, contract, encumbrance, lease, or sublease made in violation of this chapter and any transfer or assignment of them is void. 34871. A corporation shall not start or undertake a housing project without the approval of the commission. 34872. The commission shall not approve a housing project unless: (a) It appears practicable to rent or sell the proposed housing accommodations at prices not exceeding those prescribed by the commission. (b) The project conforms to the zoning or building ordinance of the locality where it is located. (c) There is submitted to and approved by the commission a financial plan in the form and with the assurances prescribed by the commission stating the method of making funds available for the actual cost of the land and improvements. The plan may also provide for the raising of working capital through the sale of its securities in an amount to be approved by the commission, not to exceed 5 percent of the estimated cost of the project. 34873. The commission shall not approve a housing project unless there is submitted to and approved by the commission, plans setting forth: (a) The area and location of the project. (b) Plans of site development with plans, elevations, and perspective of typical houses and groups of houses. (c) Specifications and estimates of cost of the project. (d) A reasonable scheme of protective restrictions and of permanent maintenance of neighborhood and architectural control. 34874. When the commission has approved a project of a corporation formed for the sole purpose of clearing or reconstructing slum areas, the corporation may acquire the property necessary for the project by gift, bequest, purchase, or eminent domain. 34875. The power of eminent domain shall not be exercised by a corporation unless the commission has adopted a resolution of necessity that satisfies the requirements of Article 2 (commencing with Section 1245.210) of Chapter 4 of Title 7 of Part 3 of the Code of Civil Procedure. 34879. It is declared that congested, unsafe, and unsanitary housing conditions which exist in certain slum areas of this State are a menace to the health, safety, morals, and reasonable comfort of the residents of this State. The correction of these conditions is a public necessity and the acquisition of property necessary to permit the clearance and reconstruction of slum areas is declared to be a public use within the meaning of the laws relating to proceedings in eminent domain.
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