California Financial Code

§ 32325

FIN § 32325 Effective Mar 17, 2004Div. 15.5 · Ch. 2 · Art. 3

Statute text

If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in Section 32321, the board may select not more than three private directors to assist the board in managing the corporation, subject to the following:

(a)Private directors shall serve on the board in an advisory and voluntary capacity.

(b)Each private director shall be knowledgeable about the CDFI target market.

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Legislative history

Amended by Stats. 2004, Ch. 25, Sec. 7. Effective March 17, 2004.