Fin. Code, § 32325 · Article 3. Board of Directors
Fin. Code, § 32325
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
(c) At the discretion of the board, private directors shall be eligible to receive compensation, subject to the limitations contained in subdivision (b) of Section 32324.
Notes and commentary — not statutory text
History
Amended by Stats. 2004, Ch. 25, Sec. 7. Effective March 17, 2004.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=32325.
- Text hash
- sha256 7de58fcf10d911b438f1aa0fc51a965a0417f4af428044e31b1f21e5cd0472b9
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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