CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2670Introduced by Assembly Member HoldenFebruary 14, 2024 An act to amend Section 14015 of the Corporations Code, relating to business. LEGISLATIVE COUNSEL'S DIGESTAB 2670, as introduced, Holden. California Small Business Financial Development Corporation Law.Existing law, the California Small Business Financial Development Corporation Law, requires that a contract between the California Infrastructure and Economic Development Bank and a nonprofit California small business financial development corporation created pursuant to the law include certain requirements related to the composition of that corporations board of directors. The law requires a director who ceases to meet those requirements to immediately vacate the directors position.This bill would make nonsubstantive changes to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 14015 of the Corporations Code is amended to read:14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2670Introduced by Assembly Member HoldenFebruary 14, 2024 An act to amend Section 14015 of the Corporations Code, relating to business. LEGISLATIVE COUNSEL'S DIGESTAB 2670, as introduced, Holden. California Small Business Financial Development Corporation Law.Existing law, the California Small Business Financial Development Corporation Law, requires that a contract between the California Infrastructure and Economic Development Bank and a nonprofit California small business financial development corporation created pursuant to the law include certain requirements related to the composition of that corporations board of directors. The law requires a director who ceases to meet those requirements to immediately vacate the directors position.This bill would make nonsubstantive changes to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 2670
Introduced by Assembly Member HoldenFebruary 14, 2024
Introduced by Assembly Member Holden
February 14, 2024
An act to amend Section 14015 of the Corporations Code, relating to business.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2670, as introduced, Holden. California Small Business Financial Development Corporation Law.
Existing law, the California Small Business Financial Development Corporation Law, requires that a contract between the California Infrastructure and Economic Development Bank and a nonprofit California small business financial development corporation created pursuant to the law include certain requirements related to the composition of that corporations board of directors. The law requires a director who ceases to meet those requirements to immediately vacate the directors position.This bill would make nonsubstantive changes to that provision.
Existing law, the California Small Business Financial Development Corporation Law, requires that a contract between the California Infrastructure and Economic Development Bank and a nonprofit California small business financial development corporation created pursuant to the law include certain requirements related to the composition of that corporations board of directors. The law requires a director who ceases to meet those requirements to immediately vacate the directors position.
This bill would make nonsubstantive changes to that provision.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 14015 of the Corporations Code is amended to read:14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 14015 of the Corporations Code is amended to read:14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
SECTION 1. Section 14015 of the Corporations Code is amended to read:
### SECTION 1.
14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.
14015. If any director ceases to meet the qualifications established in Section 14014, he or she that director shall immediately vacate his or her the position as a director and the position shall be deemed vacant.